15 January 2009 22:44 [Source: ICIS news]
A "C" rating is typically assigned to junk bonds with very low recovery potential.
Moody’s said NEB has failed to service debt in a “timely manner”, adding that approximately $148m (€112.5m) in senior secured debt was affected.
The ethanol maker has a plant in Fulton, New York, which has not reached completion due to a series of design flaws, Moody’s said.
NEB said on its website that bankruptcy was a “painful step”, but that its 114m gal/year facility has the potential to be profitable once necessary plant modifications are made.
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