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Moody’s trims TortoiseEcofin
Moody’s Investors Service said it downgraded TortoiseEcofin Borrower, LLC’s corporate family and senior secured debt ratings to B1 from Ba3 and downgraded its probability of default rating to B1-PD from Ba3-PD.
“The downgrade of TortoiseEcofin’s ratings reflects persistent outflows that have weakened the company’s asset resiliency and lowered our expectations of its future earnings power. In prior energy downturns, the company benefited from inflows driven by investors looking to take advantage of lower energy valuations. However, gross inflows for the last 12 months ended Sept. 30 did not offset redemptions; and net outflows amounted to about 15% of the beginning of period assets, well in excess of our rating trigger of 3%,” Moody’s said in a press release.
The outlook remains negative.
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