Moody's cuts Lupatech

Moody's Investors Service said it downgraded the global corporate family rating of Lupatech SA and Lupatech Finance Ltd. to Caa2 from Caa1. At the same time, Moody's downgraded the rating on the senior unsecured perpetual notes of Lupatech Finance to Caa3 from Caa2.

The outlook remains negative.

Moody's said the downgrades reflect its ongoing concern over the company's very weak liquidity position and high levels of debt. Increased uncertainty over the global economic outlook and extremely difficult capital markets add to the concern, according to the agency.

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