Moody's cuts Paiton senior secured rating to B3

Moody's Investors Service said it has downgraded the senior secured rating of Paiton Energy Funding BV, guaranteed by PT Paiton Energy Co., to B3 from B2.

The outlook is stable.

The action reflects Moody's concern over Paiton's consistent weakness in debt servicing capacity, with a debt service coverage ratio weaker-than-anticipated at below 1.2 times over the past few years.

At the same time, Moody's said Paiton has maintained a stable operational performance since the restructuring of its power purchase agreement.

© 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.