Moody’s lowers Crockett notes to junk

Moody's Investors Service said it downgraded the rating on Crockett Cogeneration, LP’s senior secured notes due 2025 to Ba3 from Baa3.

The outlook is negative. This action concludes the review for downgrade for Crockett that was initiated on April 11.

Moody’s said the downgrade reflects the view that the project's financial underperformance and lower than expected debt service coverage ratio (DSCR) recorded in fiscal year 2016 is expected to continue in the current year and beyond owing primarily to sustained and dramatic decline in market heat rates.

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