Moody's changes MC Brazil view to negative

Moody's Investors Service said it affirmed the Ba3 rating assigned to MC Brazil Downstream Trading Sarl’s senior secured global notes and changed the outlook to negative from stable.

The change of outlook to negative reflects Moody's perception of increased risks to the company's cash generation driven by the higher government interference in the oil and gas sector through the state-owned company Petroleo Brasileiro SA – Petrobras (Ba1 stable), coupled with higher operating expenses than initially planned and more volatility in refined product crack spreads, the agency said in a news release.

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