Moody's cuts Fertinitro to Caa2

Moody's Investors Service said it downgraded Fertinitro Finance Inc.'s $250 million of senior secured bonds to Caa2 from B3.

The outlook remains negative.

The downgrade reflects the $33 million draw the project made on its debt service reserve account in April, which left the project with a total of less than $30 million in cash, and its failure to replenish a meaningful amount of that draw in June, according to the agency.

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