Moody's snips Revere Power

Moody's Investors Service said it downgraded the rating assigned to Revere Power, LLC's senior secured credit facilities to B2 from B1. 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 downgrade reflects a drop in projected capacity revenue in 2023 and 2024 that will hurt the issuer’s financial performance without a material improvement in Revere’s cash flow from energy sales, the agency said.

“The rating action also considers the increased refinancing risk in light of Revere's ability to only achieve modest debt repayment over the past several years,” Moody’s said in a statement.

The outlook is negative.

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