Moody's downgrades Via Solutions

Moody's Investors Service said it downgraded Via Solutions Nord GmbH & Co. KG's €429 million senior secured bond rating to Baa2 from A3.

The rating remains under review for further downgrade.

A substantial proportion of senior bond lenders stopped their bond purchases in September and October 2018, Moody's explained.

The downgrade and maintenance of further review for downgrade reflects the uncertainty on the exact form and timing of execution of an amendment agreement, the agency said.

The downgrade further considers uncertainty on whether the technical adviser states, after review of the amendment of the project agreement, whether construction completion can be achieved prior to the longstop date in the financing documents, Moody's said.

This will likely impact the decision by bond purchasers whether to fully restore funding payments, the agency said.

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