Moody's cuts Allegheny Energy

Moody's Investors Service said it downgraded the ratings assigned to Allegheny Energy Supply Co., LLC revolving credit facility, term loan and two series of pollution control bonds to Baa3 from Baa2.

According to the agency, the rating action solely reflects Allegheny Energy's decision to release the collateral securing the debt under the respective financing documents resulting in each of these debt instruments becoming senior unsecured obligations of the company.

As detailed in the Moody's Dec. 2 press release for Allegheny Energy, the upgrade of the company's senior unsecured debt rating to Baa3 from Ba1 gave Allegheny Energy the right to request that the administrative agent release the collateral that supports the revolving credit facility and the term loan.

© 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.