Moody’s: Rhode Island State Energy to negative

Moody's Investors Service said it affirmed the Ba3 rating on Rhode Island State Energy Center, LP's (RISEC) senior secured credit facilities and revised the outlook to negative from stable.

Rhode Island State Energy currently has $321 million in outstanding term loan B debt due December 2022 and a $50 million revolving facility maturing December 2020.

Moody’s said the affirmation and outlook revision reflects its concerns about Rhode Island State Energy’ deleveraging ability after 2019. Following a capacity price uptick in June 2017 (to $7.03/kw-mo) and a further uptick in June 2018 (to $11.08/kw-mo), capacity prices will decline back to $7.03/kw-mo in June 2019 and $5.30/kw-mo in June 2020. The last two forward capacity auction (FCA) results were $4.00/kw-mo lower in aggregate than the agency’s original expectation.

© 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.