The downgrade reflects the system’s “inability to stabilize use of short-term bank lines, and ongoing cash flow losses,” according to the rating agency’s Oct. 8 report.
Moody’s said that persistent labor and capacity challenges “elevate social risk related to human capital.” It also said an inability to meet budget targets and a reliance on bank lines contributes to high governance risk related to financial strategy and track record.
“These social and governance risks are key drivers of the downgrade,” Moody’s said.
Moody’s said Northern Light’s rating is under review for a potential further downgrade as it assesses the risk of additional liquidity drains and cashflow losses, as well as risks related to line of credit renewals currently under negotiation.
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