Moody's cuts Sithe/Independence

Moody's Investors Service said it downgraded the rating of Sithe/Independence Funding Corp.'s senior secured bonds to Ba3 from Ba2 and revised the outlook to negative.

This concludes the review for possible begun on June 9.

The downgrade follows the downgrade of Dynegy Holdings, Inc.'s corporate family rating to B3 from B2 and reflects the project's close relationship with Dynegy and the relative absence of ring-fencing in place between Dynegy and the project, Moody's said.

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