Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Abengoa SA > News item |
Moody's downgrades Abengoa
Moody's Investors Service said it downgraded Abengoa SA's corporate family rating and probability of default rating to B2 and B2-PD from B1 and B1-PD respectively.
Moody's also downgraded the ratings on Abengoa's senior unsecured notes to B2 from B1 issued by Abengoa SA and Abengoa Finance SAU.
The outlook was changed to stable.
Moody's said the action was prompted by Abengoa's high leverage in fiscal year 2012 both on a consolidated level including non-recourse debt related to its concession activities (Moody's adjusted net debt/EBITDA of 9.7x) and based on reported corporate gross debt (reported gross debt/EBITDA 6.1x) as well as the reduced expectations of only slow deleveraging over the next 12 to 18 months due to weaker than previously expected EBITDA generation in 2013.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.