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Moody’s could cut Infinis
Moody's Investors Service said it placed Infinis Energy plc’s Ba3 corporate family rating on review for downgrade, reflecting the weaker outlook for the company's credit profile following the recent decision by the U.K. government to remove the exemption for renewable power generators from the Climate Change Levy (CCL) tax.
"Our decision to place Infinis' ratings on review for downgrade reflects our expectation that the group's leverage could remain higher for longer in the context of a soft power price environment and following the negative consequences for the earnings of renewable power generators of the recent summer budget," Matthew Huxham, Moody's assistant vice president, analyst and lead analyst for Infinis, said in a news release.
"Furthermore, equity and credit interests may not be aligned given the company's public strategy focused on real dividend growth and capital expenditure."
At the same time, the agency placed the Ba2-PD probability of default rating and the Ba3 rating on the £350 million senior notes due 2019 issued by the group's landfill gas generation business, Infinis plc, under review for downgrade.
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