Moody's cuts Virgin Islands Water & Power Authority bonds
Aug 29 (Reuters) - Moody's Investors Service late on Wednesday cut the Virgin Islands Water and Power Authority's subordinated lien bonds to Ba1 from Baa3 and its senior lien bonds to Baa3 from Baa2 with a negative outlook.
The rating actions affect about $294 million of debt.
The downgrade and outlook reflect the authority's financial weakness coupled with a challenging economic environment, the rating agency said in a statement.
"The negative rating outlook reflects the authority's need to achieve further progress in coping with credit challenges, including fuel supply and cost pressures," the rating agency said.
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