Moody’s changes Oregon Clean view to negative

Moody’s Investors Service said it revised the outlook for Oregon Clean Energy LLC to negative from stable.

The outlook change mirrors a much weaker than expected financial performance in fiscal year 2019 due to lower spark spreads than initially forecasted, Moody’s said.

Financial performance FY 2020 given known lower capacity revenues through May 2021 is expected to remain weak, the agency said.

Moody’s affirmed the Ba3 rating on the company’s $515.5 million of senior secured debt.

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