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Moody’s lowers Brazilian gas, electric utilities
Moody’s Investors Service said it took the following actions on its portfolio of gas and electric utilities and project finance as a result of the downgrade of Brazil's issuer and bond ratings to Ba2 from Baa3 and the change of outlook to negative:
• Companhia de Eletricidade do Estado da Bahia – Coelba: R$400 million senior unsecured global bonds maturing in April 2016 downgraded to Ba2 from Baa3, outlook changed to negative;
• QGOG Atlantic/Alaskan Rigs Ltd.: $700 million senior secured global notes due in 2018 downgraded to Caa1 from B1, outlook changed to negative; and
• Odebrecht Drilling Norbe VIII/IX Ltd.: $1.5 billion senior secured global notes due in 2021 downgraded to Caa2 from B2, outlook changed to negative.
These actions reflect Moody's view that the recent sovereign rating action, as a result of deteriorating economic and fiscal perspectives together with worsening governability and policy paralysis, will negatively affect the credit quality of the companies.
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