Fitch lowers OrCal to negative

Fitch Ratings said it affirmed OrCal Geothermal LLC’s $165 million senior notes due in 2020 at BB.

The outlook also was revised to negative from stable.

The rating reflects OrCal’s fully contracted revenue with some susceptibility to index-based price risk and resource production that is dependent upon ongoing sponsor-funded capital expenditures, Fitch said.

The outlook revision considers the lower-than-expected production, which could erode future cash flow, the agency said.

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