Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers B > Headlines for Brunswick Rail Ltd. > News item |
Moody’s cuts Brunswick Rail
Moody's Investors Service said it downgraded Brunswick Rail Ltd.’s corporate family rating to B2 from B1 and probability of default rating to B2-PD from B1-PD.
The agency also downgraded the senior unsecured rating on the $600 million Eurobond issued by Brunswick Rail Finance Ltd. and guaranteed by Brunswick Rail’s key operating subsidiaries to B2 from B1.
The outlook is negative.
Moody’s said the downgrade reflects its expectation that Brunswick Rail’s financial metrics, which remain beyond thresholds for the company's B1 rating, will continue deteriorating in coming quarters as a result of the ongoing weak market environment characterized by excess supply and substantial pricing pressure on U.S. dollar-linked contracts on the back of rouble depreciation, while the debt of Brunswick Rail is largely in U.S. dollar.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.