Moody’s cuts Consolidated Energy

Moody’s Investors Service said it downgraded Consolidated Energy Finance, SA’s corporate family rating to B1 from Ba3.

Also, it lowered the company’s senior secured bank credit facility rating to Ba3 from Ba2; both Consolidated and Methanol Holdings (Trinidad) Ltd. are co-obligors under this facility.

“The rating actions were based on holding company Consolidated Energy Ltd.’s (CEL) higher credit risk, derived from lower cash generation and weak credit metrics in 2019-21, driven primarily by lower commodities prices but also by lower than expected production volumes,” Moody’s said in a press release.

The outlook is negative.

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