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Moody's cuts Opti Canada
Moody's Investors Service said it lowered Opti Canada Inc.'s corporate family rating to Caa3 from Caa2, C$190 million secured first-lien revolving facility to B2 from B1, $525 million of secured first-lien 1B notes to B3 from B2, $300 million of secured first-lien 1C notes to Caa1 from B3 and $1.75 billion of senior secured second-lien notes to Ca from Caa3.
The outlook is negative.
The downgrade reflects Opti's declining liquidity and the view that the company will be unable to meet all of its cash requirements in 2011, Moody's said.
The negative outlook reflects the view that Opti's capital structure is unsustainable and will likely need to be restructured, the agency said.
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