August 29, 2013 / 1:47 PM / 4 years ago

Moody's cuts Virgin Islands Water & Power Authority bonds

Aug 29 (Reuters) - Moody’s Investors Service late on Wednesday cut the Virgin Islands Water and Power Authority’s subordinated lien bonds to Ba1 from Baa3 and its senior lien bonds to Baa3 from Baa2 with a negative outlook.

The rating actions affect about $294 million of debt.

The downgrade and outlook reflect the authority’s financial weakness coupled with a challenging economic environment, the rating agency said in a statement.

“The negative rating outlook reflects the authority’s need to achieve further progress in coping with credit challenges, including fuel supply and cost pressures,” the rating agency said.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below