Moody’s changes Energia view to negative

Moody’s Investors Service said it changed the outlook on Energia Group Ltd. to negative from stable.

The outlook revision “reflects Energia’s exposure to persistently weak electricity prices in Ireland’s all-island electricity market, and to a likely increase in bad debts in its retail operations. As a result of these pressures, Moody’s believes Energia’s ratio of debt to EBITDA may rise above its guidance for the B1 CFR of no more than 7x,” the agency said in a press release.

Concurrently, Moody’s affirmed Energia’s B1 corporate family rating and B1-PD probability of default, the B1 rating on the senior secured notes issued by Energia Group NI FinanceCo plc and Energia Group RoI Holdings DAC and the Ba1 rating on Energia Group NI Holdings Ltd.’s £225 million backed super senior secured revolving credit facility.

The outlook for Energia Group NI FinanceCo and Energia Group NI Holdings has also changed to negative from stable.

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