Moody's cuts MRP Generation loan

Moody's said it downgraded the rating on MRP Generation Holdings, LLC's $270 million senior secured term loan B due in 2022 to B3 from B2 and also downgraded the rating on MRP's senior $20 million revolving credit facility due in 2021 to B2 from B1.

The outlook has been revised to negative from stable.

“Today's rating action reflects weaker than expected financial performance resulting in the Project drawing on its debt service reserve (DSR) to cover debt service, and heightened refinancing risk as the Project has not de-levered other than the required 1% debt amortization,” Moody’s said in a news release.

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