Moody's trims West Deptford Energy

Moody's Investors Service said it downgraded West Deptford Energy Holdings, LLC's senior secured credit facilities to B2 from B1. The debt facilities consist of a $445 million seven-year senior secured term loan due 2026 and a $55 million five-year senior secured revolver due 2024.

“The rating downgrade to B2 reflects our view that financial metrics will continue to underperform as low PJM capacity auction prices weigh on future cash flows in combination with continued weak energy margin contributions due to impact of the Regional Greenhouse Gas Initiative (RGGI) on New Jersey based plants' competitive position relative to non-RGGI neighbor states,” the agency said in a press release.

The outlook remains negative.

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