Moody’s turns Cosan view to negative

Moody’s Investors Service said it changed its outlook for Cosan SA to negative from stable and affirmed the Ba2 corporate family rating and the senior unsecured Ba2 ratings of Cosan Luxembourg SA and Cosan Overseas Ltd.

“The negative outlook reflects the execution risk of Cosan as it manages to continue reinforcing its liquidity and capital structure to service considerable debt and interest incurred from the collar loan financing structure over the next four years,” the agency said in a statement.

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