Moody’s lowers Longview facilities to Caa2

Moody's Investors Service said it downgraded Longview Intermediate Holdings C, LLC's roughly $298 million senior secured term loan due 2021 and $25 million five-year senior secured revolving credit facility due 2020 to Caa2 from B3.

The outlook is negative.

Moody’s said the downgrades reflect recent operating issues at both the power plant and at one of the mines during the first quarter 2017 that negatively impacted the project's available liquidity over the next 12 to 18 months, increasing the likelihood that the project will be unable to meets its financial covenant in the credit facilities during fiscal year 2018.

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