Moody’s drops Itaipu Binacional to Baa3

Moody's Investors Service said it downgraded Itaipu Binacional's issuer ratings to Baa3 from Baa2 and changed the outlook to stable from negative, as a result of the Aug. 11 downgrade of Brazil's government bond rating to Baa3 from Baa2.

This action reflects Moody's view that the recent sovereign downgrade, along with deteriorating economic perspectives and ongoing fiscal challenges in Brazil, will negatively affect the credit quality of Itaipu Binacional.

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