Moody’s cuts Astoria view to negative

Moody's Investors Service said it affirmed the Ba3 rating on Astoria Energy LLC's senior secured credit facilities and revised the outlook to negative from stable.

Moody’s said the outlook revision reflects concerns about Astoria's ability to generate sustained financial metrics consistent with the agency’s original projections as well as our concerns about Astoria's pace of deleveraging. For 2016, Moody’s anticipate that leverage metrics measured by funds from operations to debt (FFO/debt) will remain close to 6% and the debt service coverage ratio (DSCR) will be around 2 times, both of which are below expectations of achieving FFO/debt of 11% and a DSCR of 2.4 times.

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