Moody's downgrades Cosmo Oil

Moody's Japan KK said it downgraded Cosmo Oil Co., Ltd.'s long-term issuer rating to Ba1 from Baa3.

The outlook is negative.

Moody's said the action reflects its concern that the improvement in Cosmo Oil's balance sheet structure - one of the major factors that supported the Baa3 rating - will take much longer than expected, given the persistent erosion in profitability.

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