Moody's lowers BCP Renaissance Parent

Moody's Investors Service said it downgraded BCP Renaissance Parent LLC's corporate family rating to B2 from B1, its secured term loan B due 2024 to B2 from B1 and its probability of default rating to B2-PD from B1-PD.

"The rating downgrade reflects the weakened contract counterparty credit of the shippers on the Rover natural gas pipeline in which BCP Renaissance has a 32.4% indirect interest," commented Andrew Brooks, a Moody's vice president, in a press release.

"Weakened shipper credit risk has exacerbated BCP Renaissance's already high leverage, notwithstanding the stability of Rover's fee-based, long-term contractual underpinnings," he said.

Moody’s changed the outlook to negative from stable. “The outlook is negative, conforming to the predominantly negative rating outlooks assigned to Rover's portfolio of shippers, while acknowledging the fully contracted take-or-pay cash flows generated by the pipeline's operations,” the agency said.

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