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Action items: Moody's lifts Calpine, lowers view on Talen, GenOn; Fitch downgrades Exelon, Peabody

SNL Energy presents aperiodic rundown of selected ratings actions on U.S.- and Canada-based energycompanies. The changes, confined to upgrades, downgrades and changes inoutlook, are listed by announcement date in reverse chronological order.


March 30

Basin ElectricPower Cooperative's long-term and short-term ratings have beenplaced on review fordowngrade at Moody's, including its A2 issuer rating and A1 ratingfor senior secured pollution control revenue bonds.

March 29

Moody's downgraded Targa Resources Partners LP's corporate family rating,or CFR, to Ba2 from Ba1, its senior unsecured notes ratings to Ba3 from Ba2,and its preferred unit rating to B1 from Ba3. Moody's upgraded 's CFR to Ba2from Ba3, and downgraded its senior secured credit facility rating to B1 fromBa3.

March 28

Concluding its review of four B-rated E&P companies,Moody's downgradedBreitburn Energy PartnersLP's and MemorialProduction Partners' corporate family ratings by three notches, toCaa2 from B2.


Moody's downgraded Midcontinent Express Pipeline LLC's corporate familyrating and senior unsecured notes rating to Ba2 from Ba1 and changed itsoutlook to negative from stable, citing risks posed by its exposure to such as Chesapeake EnergyCorp.

March 25

Fitch Ratings downgraded Exelon Corp.'s issuer default rating and seniorunsecured debt rating to BBB from BBB+, following Moody's decision to affirmthe company's credit ratings March 24. Fitch also downgraded Exelon's junior subordinateddebt rating to BB+ from BBB- and noted that the recently completed of increased thecompany's leverage since 65% of the acquisition cost was funded with the helpof debt.

March 24

Moody's downgraded Foresight Energy LP's corporate family rating to Caa3from Caa1, its probability of default rating to Caa3-PD/LD from Caa1-PD, thesenior unsecured rating to Ca from Caa3, the senior secured rating to Caa2 fromB2 while the speculative grade liquidity rating remained unchanged at SGL-4.


credit ratings havebeen flagged for apossible upgrade after Moody's changed its outlook on the company to positivefrom stable.


Moody's upgraded both the issuer and senior unsecured rating ofPepco Holdings to Baa2 from Baa3. It also upgraded Pepco's short-termcommercial paper rating to Prime-2 from Prime-3 and noted that the companybenefits as an intermediate subsidiary of Exelon now that their merger iscomplete.


Moody's revised its outlook on to positive fromstable, citing the company's improving credit metrics due to reductions inoperating costs, debt burden and dividend cuts. On the same day, Standard &Poor's Ratings Services noted a stable outlook on Atlantic Power.

March 22

Fitch's revisions to its base-case oil and gas priceassumptions took a toll on the ratings of several publicly traded explorationand production companies, the firm said as it its associated review ofaffected companies.

March 21

Moody's downgraded a number of independent power producersthough some remained unscathed on concerns of persistently low commodity pricesin the U.S. merchant power sector. Calpine Corp. saw its ratings were revised upwards,while Talen Energy Corp.subsidiary Talen Energy SupplyLLC, DynegyInc. subsidiary Illinois Power Generating Co. and subsidiary weredowngraded by the rating agency.

March 18

Standard & Poor's Ratings Services Peabody Energy Corp.'s credit rating to D from CCC+,citing the significant stress now challenging the coal giant's business andfinancial position, which could eventually evolve into a general default andestimated that the St. Louis-based company "may choose not to pay all orsubstantially all of its obligations as they come due."


Moody's upgraded Entergy Corp. subsidiary 's long-term creditratings to Baa1 from Baa2. Moody's is maintaining a stable outlook on itsratings.


Fitch upgraded American Electric Power Co. Inc. subsidiary 's issuerdefault rating to BBB from BBB-, citing the company's improved credit metrics.The rating agency also upgraded Appalachian Power's senior unsecured debt andpollution control revenue bonds to BBB+ from BBB.


Fitch placed Columbia Pipeline Group Inc. on Rating Watch Positiveafter the announcement that Columbia agreed to be by in a transactionvalued at about $13 billion.

March 17

After it recently downgraded Peabody Energy's long-term issuer defaultrating, Fitch announced that it further downgraded the U.S. coal giant's long-termrating to C from CC, citing the high likelihood of default in its out-of-courtrestructuring discussions with creditors.

March 16

Moody's downgraded LINN Energy LLC's ratings after the company announcedthat it was in default on its credit facility and second-lienindenture. LINN's corporate family rating was downgraded to Ca from Caa1, itsprobability-of-default rating to Ca-PD from Caa2-PD, its second-lien securednotes to C, its unsecured notes to C, and its speculative-grade liquidityrating to SGL-4 from SGL-3.

March 15

Fitch has flagged a possible downgrade at , while maintaining aBBB- long-term issuer default rating. The agency revised its ratings outlook onTransAlta to negative from stable citing low energy prices and currency fluctuations.

S&P Ratings andS&P Global Market Intelligence are owned by McGraw Hill Financial Inc.