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Moody's changes San Miguel view to negative
Moody's Investor Service said it changed the outlook for the Ba2 local-currency corporate family rating of San Miguel Corp. to negative from stable.
The action is in response to news that the company has an option to purchase up to 50.1% in Petron Corp., the leading oil refining and marketing company in the Philippines, Moody's said.
While it has strong liquidity on hand to fund its investments, visibility surrounding the company's business risk profile has fallen, the agency said, as the asset contributions from its new and riskier businesses will likely surpass rating expectations, thus prompting an outlook change.
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