Fitch lowers Hovensa

Fitch Ratings said it downgrades Hovensa LLC's senior secured debt ratings to BBB- from BBB as follows:

• $400 million senior secured bank revolver, of which $400 million is available until 2011 and $362 million is available until Dec. 2012;

• $126.8 million of senior secured tax-exempt series 2002 bonds due 2021;

• $74.2 million of senior secured tax-exempt series 2003 bonds due 2022;

• $50.7 million of senior secured tax-exempt series 2004 bonds due 2022; and

• $104.1 million of senior secured tax-exempt revenue series 2007 bonds due 2022.

The outlook remains negative.

According to the agency, the downgrade reflects the project's declining financial performance as exhibited by a weaker crack spread environment, resulting in reduced financial margins.

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