Moody’s cuts Kestrel Acquisition

Moody’s Investors Service said it downgraded the rating assigned to Kestrel Acquisition, LLC’s senior secured credit facilities to B2 from B1 to reflect challenging market conditions that are expected to further pressure Kestrel’s already weak financial performance.

The credit facilities consist of a $444 million term loan B due 2025 and a $40 million revolving credit facility due 2023.

“The one notch downgrade to B2 reflects weak power market fundamentals driven by the combination of a mild winter in PJM, low natural gas and electric prices and reduced electric demand across the region owing to regional lock-down measures taken to slow the spread of the coronavirus,” Moody’s said in a press release.

The outlook remains negative.

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