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Moody’s cuts North West Redwater to Baa1
Moody's Investors Service said it downgraded North West Redwater Partnership's senior secured ratings to Baa1 from A3.
The outlook is negative. This action resolves the review for downgrade that was initiated on Dec. 18.
The action follows Moody’s Feb. 25 decision to downgrade Canadian Natural Resources Ltd.’s (CNRL) long-term debt ratings to Baa3 from Baa1 with a negative outlook. CNRL and/or its affiliates are a 50% owner, a 50% subordinated debt provider and a 25% diluted bitumen provider and toll payer in the North West Redwater project.
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