Moody's: Entegra view negative

Moody's Investors Service said it affirmed Entegra TC LLC's B3 rating on its second-lien term loan and changed the outlook to negative.

Moody's also withdrew the B3 rating on the second-lien working capital facility since this facility has been repaid and terminated.

The outlook revision reflects expectations that Entegra will likely experience below 1x debt-service coverage ratio over the next several years given depressed market prices and drop off of energy hedges, Moody's said.

The ratings could improve or stabilize if Entegra is able to enter into long-term contracts, further reduce the second-lien term loan or substantially improve its financial metrics, the agency said.

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