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Moody's changes OMV view to negative
Moody's Investors Service said it changed the outlook to negative from stable on OMV AG. Moody's also affirmed all of OMV's ratings.
The outlook revision was driven by OMV announcing an acquisition of an added 39% stake in its joint venture Borealis for around $4.7 billion. OMV already owns a 36% stake in Borealis, which it currently consolidates at equity. The increase to a 75% stake would lead to OMV fully consolidating Borealis.
“While OMV has been solidly positioned in its rating category, this transaction, which Moody's assumes will be mostly debt-funded, will initially exhaust the capacity OMV currently has under its A3 rating,” the agency said in a press release.
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