Moody's drops Energy Future

Moody's Investors Service said it downgraded the corporate family rating and probability of default rating for Energy Future Holdings Corp. from B2 to B3.

The agency said that Energy Future's speculative-grade liquidity rating is confirmed at SGL-3, indicating adequate liquidity over the next four quarters.

These rating actions conclude the review for possible downgrade that was initiated on Feb. 24, Moody's added.

The outlook is negative.

The agency added that Energy Future's rate-regulated transmission and distribution utility subsidiary, Oncor Electric Delivery Co. LLC's Baa3 senior secured rating and stable outlook were not affected by these rating actions, primarily due to its interpretation of the ring-fence type provisions associated with that entity.

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