Moody’s reviews NagaCorp for downgrade

Moody's Investors Service said it placed NagaCorp Ltd.'s B2 corporate family rating and the B2 senior unsecured rating on the company's U.S. dollar bond on review for downgrade. The bond is guaranteed by the major operating subsidiaries of NagaCorp.

The agency changed the outlook to ratings under review from negative.

"The ratings review reflects the likelihood of a downgrade if NagaCorp fails to make substantial progress over the next three months to refinance its outstanding $472 million bond coming due in July 2024," said Yu Sheng Tay, a Moody's analyst, in a press release.

The review will consider NagaCorp's ability to handle its bond maturity over the next three months, the agency said.

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