Moody's lowers Verbund notes program

Moody's Investors Service said it downgraded the senior unsecured ratings of Verbund AG and its fully guaranteed subsidiary Verbund International Finance GmbH to Baa1 from A3.

Concurrently, Moody's downgraded the long-term provisional rating on Verbund International Finance's euro medium-term note program (co-issued and guaranteed by Verbund) to provisional Baa1 from provisional A3.

The outlook is stable.

Moody's said the downgrade of Verbund's ratings follows the recent development of power prices and thermal generation spreads as well as the subsequent weakness in its key credit metrics.

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