Fitch cuts CRC Breeze notes' outlook to negative

Fitch Ratings said it revised the outlook on CRC Breeze Finance SA's €36 million of class B notes to negative and affirmed the rating at B-, along with its €252 million class A notes at BB-, with a negative outlook.

The actions primarily reflect the current lack of clarity on the possible consequences on CRC Breeze of some German insolvency law provisions, Fitch said, as well as the transaction's continuing underperformance against base case expectations.

As anticipated, net revenues from the operation of the wind farms proved insufficient to make the full debt service payment on the class A and class B notes at the November 2010 payment date, the agency said.

The funds available were enough to meet the debt service obligations on class A only, Fitch said, and the scheduled €3.6 million interest and principal payments on class B were deferred, resulting in a cumulated class B deferred amount of about €6 million since transaction closing.

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