Moody’s Investors Service has downgraded NagaCorp Ltd.’s corporate family rating (CFR) and senior unsecured rating on the company’s US dollar bond. Moody’s has also changed its outlook to negative from ratings under review.
In a Monday note, Moody’s said the action concludes the review for the downgrade initiated on 2 March 2023.
“The rating downgrade and negative outlook reflect NagaCorp‘s lack of refinancing progress for its $472 million US dollar bond coming due in July 2024. The bond forms all of the company’s debt in its capital structure,” says YuSheng Tay, a Moody’s Analyst.