Moody’s: GCL New Energy on downgrade review

Moody's Investors Service said it put GCL New Energy Holdings Ltd.’s B2 corporate family and B3 senior unsecured debt ratings on review for downgrade. The outlook was negative before the review.

“The rating review reflects the significant refinancing risk that GCL New Energy faces, with material debt falling due in the remainder of 2019, and with limited visibility around committed refinancing,” said Ivy Poon, a Moody's vice president and senior analyst, in a news release.

The review will focus on GCL New Energy's plan to obtain committed funding to refinance or repay the maturing debt between August-December 2019. The review will also consider progress made on the potential transaction with China Huaneng and its effect on GCL New Energy, Moody’s said.

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