Moody's rates Renova Holding Ba2

Moody's Investors Service said it assigned a Ba2 corporate family rating to Renova Holding Ltd.

The outlook is stable.

The rating recognizes credit risk as cash flow directly available to the holding from the dividend stream and divestments, as well as the holding's limited direct liabilities, the agency said.

The Ba2 corporate family rating considers a limited degree of diversification of the holding and a limited public disclosure offered by the holding to date, the agency said.

These risks are counterbalanced by a high degree of financial flexibility afforded to the holding by the strong dividend flow from its key investments and substantial asset coverage of the holding's liabilities with marketable investments, S&P said.

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