Moody's warns of more downgrades to LAP

Moody's warns of more downgrades to LAP

Credit Ratings Moody's Investors Service Downgrade Energy Wind Renewable Funds Chile

Moody's downgraded Chile's Latin America Power (LAP) to B3 on Friday and warned of more downgrades to come if the wind power company does not receive some sort of cash relief before its next debt payment in July. In the fourth quarter last year, LAP drew from a credit line with Citi to pay suppliers and make a bond payment due in January, Moody's said in a report. "In total, $4.5 million was drawn from the operations and maintenance reserve account (OMRA) and $13 million was drawn from the debt

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