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Moody’s downgrades Chief Power facilities to B3
Moody's Investors Service said it downgraded Chief Power Finance, LLC's senior secured credit facilities to B3 from B2, including its $343.1 million six-year term loan facility due 2020 and its $44 million five-year revolving credit facility due 2019.
The outlook is negative.
Moody’s said the downgrade reflects the second year in a row of weak results from the PJM capacity auction, which were announced in May.
In particular, the 2020-2021 period was 45% lower than results from the 2017-2019 period on average, which will negatively impact cash flow generation in the second half of 2019 and during 2020 when the Chief Power term loan is scheduled to mature, the agency said.
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