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Moody's cuts Talen Energy Supply
Moody's Investors Service said it downgraded Talen Energy Supply, LLC’s ratings, including its corporate family rating to Ca from B3, its probability of default to Ca-PD from B3-PD, its senior secured debt to Caa3 from B1, its senior unsecured guaranteed debt to C from Caa2 and its speculative grade liquidity rating to SGL-4 from SGL-3.
Moody's also downgraded the rating of Talen Energy Marketing, LLC's commodity accordion facility to Caa3 from B1.
"Talen's capital structure is unsustainable as a result of its weak financial performance, very limited access to external liquidity and severe pressure from higher natural gas prices," stated Edna Marinelarena, a Moody’s assistant vice president, in a press release.
Additionally, the agency revised the outlooks of Talen and Talen Energy Marketing to stable from negative.
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