Moody's downgrades IRPC

Moody's Investors Service said it downgraded to Ba1 from Baa3 the corporate family rating and senior bond rating of IRPC PCL. This completes the review for downgrade that began April 22, and the outlook is negative.

The agency said the downgrade was driven by the company's continued weaker-than-expected operating performance, highly leveraged position, weak operating margins and long lead time before completion of its Phoenix upgrading program in 2015-16.

The negative outlook reflects the pressure on IRPC's financial profile while it executes the Phoenix project as well as the execution risk in delivering the project on time and within budget, Moody's said.

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