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Moody's cuts Energy Solutions
Moody's Investors Service said it downgraded Energy Solutions, LLC's corporate family and probability of default ratings to B2 from B1 while the speculative-grade liquidity was revised to SGL-3 from SGL-2.
The agency also said it downgraded its $105 million first-lien revolver due 2015 to Ba3 (LGD 2, 29%) from Ba2 (LGD 2, 26%); $560 million first-lien term loan due 2016 to Ba3 (LGD 2, 29%) from Ba2 (LGD 2, 26%); and $300 million senior unsecured notes due 2018 to Caa1 (LGD 5, 84%) from B3 (LGD 5, 81%).
The outlook is stable.
The downgrades reflect less favorable business prospects over the coming year as tight fiscal positions in the United States and United Kingdom restrain public sector spending for nuclear waste-related projects, Moody's said.
Without a better demand environment, the company's revenue and earnings growth could be limited, the agency said.
The ratings also consider its revenue concentration and risks inherent to the company's license stewardship nuclear facility decommissioning model, Moody's said.
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