Moody's downgrades Petrol

Moody's Investors Service said it downgraded the corporate family rating of Petrol AD to Caa3 and the senior unsecured guaranteed €100 million eurobond to Ca.

The outlook is negative.

Moody's said the action reflects heightened concerns of default risk due to failure by management to outline a credible capital structure management and refinancing plan following last year's repatriation of cash to shareholders from asset sales that was understood to be used to strengthen the credit profile of the group.

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