Moody's may cut International Power

Moody's Investors Service said it placed the Ba3 senior unsecured ratings of International Power on review for possible downgrade, following the announcement that it has written down the book value of its U.S. assets by £400 million and initiated a comprehensive review of the U.S. business.

Moody's said the company's U.S. assets comprise about 40% of net installed capacity, and the U.S. market was previously regarded as a key component of the group's growth plans. While the company has been discussing debt restructuring options for its U.S. subsidiary, ANP Funding 1, the write-down implies a long-term permanent loss in value of that business.

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