Moody's cuts Ruby Pipeline

Moody's Investors Service said it downgraded Ruby Pipeline, LLC's corporate family rating to Ca from Caa1, probability of default rating to Ca-PD from Caa1-PD and senior unsecured notes rating to Ca from Caa1.

"The downgrade and negative rating outlook reflect Ruby's high refinancing risk amid cash flow uncertainty and weak liquidity as its senior notes mature imminently," said Amol Joshi, a Moody's vice president and senior credit officer, in a press release. The notes are due on April 1.

"The company also faces high and ongoing re-contracting risk, and the weak pricing and volume environment for such re-contracting,” Joshi added.

The outlook remains negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.