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Moody’s trims Southeast Supply Header
Moody’s Investors Service said it downgraded the senior unsecured rating of Southeast Supply Header, LLC (SESH) to Baa3 from Baa2.
“The downgrade to Baa3 reflects the company’s weakened credit metrics resulting from the recontracting of expiring capacity at expected lower pricing and at less favorable terms,” said Edna Marinelarena, a Moody’s analyst, in a press release.
“In addition, SESH is entering a period of significant recontracting risk with several major contracts expiring through 2024, most notably one for nearly 50% of its capacity expiring in just four months that has not yet been renewed. Failure to recontract that capacity in full and at pricing close to current levels will result in a further deterioration of the pipeline’s financial position,” she said.
The outlook is negative.
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