Moody's cuts Ruby Pipeline

Moody's Investors Service said it lowered Ruby Pipeline, LLC's corporate family rating to Caa1 from B1, probability of default rating to Caa1-PD from B1-PD and senior unsecured notes rating to Caa1 from B1. The outlook remains negative.

"The downgrade and negative rating outlook reflect Ruby's high refinancing risk amid cash flow uncertainty and weak liquidity as its senior notes mature in 2022," said Amol Joshi, a Moody's vice president and senior credit officer, in a press release. "The company also faces high re-contracting risk in 2021 when its non-PG&E contracts mature, and the weak pricing and volume environment for such re-contracting."

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