Moody’s cuts Altera Infrastructure

Moody’s Investors Service said it downgraded Altera Infrastructure LP’s corporate family rating to Caa1 from B3 and assigned a Caa1-PD probability of default rating. Concurrently, Moody’s affirmed the Caa2 senior unsecured rating of $700 million of notes. The outlook remains stable.

Altera Infrastructure changed its name from Teekay Offshore Partners LP on March 24.

“The rating downgrade reflects Altera Infrastructure’s continuing challenging liquidity position, as well as Moody’s expectation of softening financial performance in 2020,” said Moody’s in a press release.

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