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S&P cuts Aralco Industria e Comercio
Standard & Poor's said it lowered its global scale corporate credit rating on Aralco Industria e Comercio SA to B- from B and removed it from CreditWatch where it was placed with negative implications on Oct. 28.
The agency also lowered its Brazil national scale rating on the company to brB- from brBBB-.
The issue-level rating on its $250 million bonds was lowered to CCC+.
The outlook is negative.
S&P said the downgrade reflects Aralco's weaker-than-expected operating efficiency, which has led to negative free operating cash flow generation and has pressured its liquidity - which the agency now views as weak - while it has increased its refinancing risk.
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