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Moody's downgrades Brooklyn Navy to Caa1
Moody's Investors Service said it downgraded the senior secured debt rating of Brooklyn Navy Yard Cogeneration Partners LP to Caa1 from B3.
The outlook continues to be negative.
Moody's said the downgrade considers its concerns about the current level of liquidity and the ability of Brooklyn Navy Yard to continue to service its debt obligations over the next year or so. The debt service coverage ratio has been below 1 time for the last few years now, and it is expected to remain below 1 time for the next several years, barring a refinancing or recapitalization by the project's new owners, EIF United States Power Fund IV LP.
Brooklyn Navy Yard's historical operating performance has been weak and volatile owing most recently to the lingering effects of the Hurricane Sandy 2012-2013 outage, along with lower electricity sales, higher fuel costs and higher fuel transportation expenses, the agency said.
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