Moody’s changes Viridian to negative

Moody's Investors Service said it changed the outlook on all of Viridian Group's ratings to negative from positive.

Concurrently, the agency affirmed: (a) The B1 corporate family rating and B1-PD probability of default rating of the restricted group of companies owned by Viridian Group Investments Ltd.; (2) the B1 (LGD4) rating on the senior secured notes issued by Viridian Group FinanceCo plc and Viridian Power and Energy Holdings DAC; and (c) the Ba1 (LGD1) rating of Viridian Group Ltd.’s £225 million backed super senior secured revolving credit facility.

Moody’s said the negative outlook reflects its assessment that the group's business risk and financial profile has deteriorated following the results of the first transitional auction for capacity in the new Integrated Single Electricity Market (I-SEM) and subsequent announcements regarding the long-term future of Viridian's thermal generation plants, which accentuated the impact of the first transitional auction.

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