Moody’s cuts Paranapanema to B3

Moody's Investors Service said it downgraded Paranapanema SA's corporate family rating to B3 from B1.

The outlook remains negative.

Moody’s said the downgrade reflects the expectation that weak market fundamentals in Brazil will persist for a prolonged period, which will lead to further contraction in the main consuming industries for the company's products (energy, construction, refrigeration, industrial machinery, automotive), and continue to limit the company's profitability in the domestic market.

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