Moody's downgrades Alrosa

Moody's Investors Service said it downgraded the corporate family ratings of Alrosa Co. Ltd. to Ba3 from Ba2 and $500 million senior unsecured 2014 notes raised by the group at Alrosa Finance SA and guaranteed by Alrosa Co. Ltd.

The outlook is negative.

Moody's said it revised down the company's baseline credit assessment to 16 from 15 to reflect ongoing concerns over further deterioration in the operating trend in Alrosa's performance as diamond prices and sales volumes have continued to decline.

The assessment also continues to reflect concerns over the limited transparency with regard to the group's financial policies and disclosure, the agency said.

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