Moody’s revises InterGen to negative

Moody's Investors Service said it changed the outlook at InterGen NV to negative from stable reflecting lower merchant cash flows owing to sustained weak power markets, primarily in the U.K.

Concurrently, the agency affirmed the B1 senior secured ratings on InterGen's term loan, revolver and bonds.

Moody’s said the outlook change reflects the company's exposure to weak merchant power markets, particularly in the U.K., resulting in a decline in distributions from InterGen's U.K. power project portfolio. This credit deterioration largely reflects a continuation of weak UK power prices and spark spreads during 2015.

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