Moody's drops Juniper

Moody's Investors Service said it downgraded Juniper Generation LLC's senior secured rating to Ba3 from Ba1.

The outlook remains negative.

According to the agency, the rating action reflects the proposed decision by California Public Utility Commission's Administrative Law Judge Yip-Kikugawa that could serve as a strong incentive for qualified facilities to resolve their disputes regarding the implementation of the Market Index Formula.

Moody's estimates that formula could be finalized in 2009 in contrast to Moody's earlier view that the timing of formula was highly uncertain and could take an extended period of time.

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