Moody’s also confirmed the “Ba3” rating on the system’s outstanding bonds.
The rating assignment was supported by a number of factors, including the system’s completion of asset sales and growth in liquidity from sale proceeds, according to Moody’s. Good Shepherd’s leading market position and ongoing turnaround initiatives also supported the rating.
Good Shepherd also faces some challenges, which were considered for the rating assignment, such as operating in an area where a competitor is gaining volumes and market share.
Additionally, Moody’s said the “SG” short-term rating “reflects the high degree of risk of paying or refinancing the 2-year mandatory tender on the proposed Series 2015A bonds.”
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