Moody's: Verbund view negative

Moody's Investors Service said it changed the outlook on the A2 senior unsecured ratings of Verbund AG and its fully guaranteed subsidiary Verbund-International Finance GmbH to negative from stable.

Moody's said the change follows Verbund's announcement of its 2011 annual results and reflects increased pressure on the company's earnings and cash flows from a combination of low power prices, poor spreads on gas-fired capacity and the negative performance of its international holdings.

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