Fitch cuts Breeze Finance class A bonds

Fitch Ratings said it downgraded Breeze Finance's class A bonds to CCC from B- and affirmed the class B bonds at CC.

The bonds are backed by revenue from a portfolio of onshore wind farms predominately located in Germany and, to a lesser extent, in France.

Fitch said the downgrade reflects potentially insufficient cash in the debt service reserve account (DSRA) to service the bonds until maturity, indicating that default has become a real possibility. Additional drawdowns were made on the DSRA over the last 12 months, with further drawdowns likely, as the project experienced a new historical low wind yield in 2016.

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