Moody’s downgrades Natgasoline

Moody’s Investors Service said it downgraded the ratings of Natgasoline LLC to B1 from Ba3 and the ratings on the senior secured bank credit facility to B1 from Ba3.

“The downgrades reflect the weaker than expected earnings, cash flow and operating reliability from the company’s single plant operation in Beaumont, Texas since the new plant was completed and started up in late 2018. The downgrade also reflects the weaker credit profile and recent negative rating actions of its two-parent sponsors, OCI NV (Ba2, negative) and Consolidated Energy Finance, SA (CEF, B1, negative),” Moody’s said in a press release.

Moody’s changed the outlook to negative from stable.

“The negative outlook reflects the poor operating performance since the plant commenced operations in August 2018,” the agency said.

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