Moody's drops Okeanos

Moody's Investors Service said it announced that it has downgraded the rating of Okeanos Investment Corp. Ltd. to Aa2 from Aaa and continues to review it for possible further downgrade.

Affected ratings include the company's floating-rate notes due on March 30, 2011.

Repayment of the notes relies largely on cash flow generated by residential unit purchase receivables of a Singaporean real estate project, RiverGate, the agency added.

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