Moody's downgrades Greenko

Moody's Investors Service said it downgraded Greenko Energy Holdings' corporate family rating and backed senior unsecured ratings on dollar-denominated bonds issued by its subsidiaries to Ba2 from Ba1. GEH guarantees the bonds.

GEH's subsidiaries are Greenko Mauritius, Greenko Dutch BV, Greenko Solar (Mauritius) Ltd., Greenko Power II Ltd. and Greenko Wind Projects (Mauritius) Ltd.

"The downgrade reflects Greenko's high financial leverage due to its substantial capital spending program, which will keep the financial metrics below its downgrade trigger, for an extended period of time," said Yong Kang, a Moody's analyst, in a press release.

The outlook remains stable.

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