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Moody’s lifts Southeast Supply Header
Moody's Investors Service said it upgraded the ratings of Southeast Supply Header, LLC (SESH) including its corporate family rating to Ba3 from B1, its senior unsecured rating to Ba3 from B1 and its probability of default rating to Ba3-PD from B1-PD. SESH's speculative grade liquidity rating of SGL-4 is unchanged. The CFR, PDR, and senior unsecured rating are placed on review for upgrade and previously the outlook was stable.
"Southeast Supply Header's recontracting and refinancing risk has been reduced following the recent renewal of about 17% of its total capacity at favorable terms and tenor," stated Edna Marinelarena, a Moody’s assistant vice president, in a press release.
The review will focus on SESH's progress in keeping its contracted capacity, particularly its ability to contract the capacity expiring later this year. The review will also assess the refinancing risk associated with $400 million of long-term debt due on June 15, the agency said.
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