Moody’s downgrades Covanta, debt

Moody's Investors Service said it downgraded Covanta Holding Corp.’s corporate family rating to Ba3 from Ba2, probability of default rating to Ba3-PD from Ba2-PD and senior unsecured rating to B1 from Ba3.

The company's speculative grade liquidity rating of SGL-3 is unchanged.

The outlook is stable.

Moody’s said the downgrade is primarily based on the continued pressure on Covanta's earnings and cash flows from sustained weak power prices in the U.S. where Covanta has most of its operations.

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