Moody's downgrades Revere Power

Moody's Investors Service said it downgraded the rating assigned to Revere Power, LLC's senior secured credit facilities to B1 from Ba3.

The downgrade reflects challenging power market conditions that have hurt Revere's financial performance and its ability to achieve previously anticipated debt reduction targets, Moody’s said.

The credit facilities consist of a $445 million term loan B due 2026, a $70 million term loan C due 2026 and a $55 million revolving credit facility due 2024.

The rating outlook is negative.

© 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.