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S&P Global Ratings places Innergex on CreditWatch negative

S&P Global Ratings placed its BBB- issuer credit rating on Innergex Renewable Energy Inc. and its BB issue-level ratings on the company's preferred shares on CreditWatch with negative implications in light of its weak financial metrics.

"The CreditWatch placement reflects continuing amounts of heightened leverage at the holdco level," said S&P Global Ratings in a Dec. 23 report. "If Innergex does not take steps to reduce debt, we would lower the rating."

The rating agency plans to resolve the CreditWatch in the next 90 days.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.