Moody's cuts OGX to Ca

Moody's Investors Service said it downgraded OGX Petroleo e Gas Participacoes SA's corporate family rating to Ca from Caa2 and OGX Austria GmbH's senior unsecured notes ratings to Ca from Caa2.

The outlook remains negative.

"The rating downgrade of OGX is driven by diminished expectations that OGX will be able to rely on the $1 billion put option that was granted by its controlling shareholder given the recent departure of all of the company's independent board members," Moody's vice president Gretchen French said in a news release.

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