Moody's downgrades EEM

Moody's Investors Service said it downgraded Empresa de Electricidade da Madeira SA's long-term issuer rating to A3 from A1.

The outlook is negative. The action concludes the review begun on Oct. 23.

The downgrade reflects the continued deterioration of the company's financial profile, hurt by sizable outstanding receivables, resulting in constrained financial flexibility and a greater reliance on short-term debt, according to the agency.

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