Moody's shifts St. Joseph Energy view to negative

Moody's Investors Service said it changed the outlook to negative from stable but affirmed the Ba3 rating assigned to St. Joseph Energy Center, LLC's senior secured credit facilities consisting of a $423 term loan and $38.9 million revolving facilities.

“The negative outlook considers the expectation of continued weak financial performance due to lower spark spreads, despite some boost from higher capacity revenues in FY 2021 relative to the prior year but known weaker capacity revenues in FY 2022. The outlook also includes the uncertainty surrounding potential improvement in future capacity auction results to be held in December 2021, and the potential impact on future credit metrics and on the ability to repay debt from excess cash flows,” Moody’s said in a press release.

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