Moody’s drops Eldorado Gold, notes to B1

Moody's Investors Service said it downgraded Eldorado Gold Corp.’s corporate family rating to B1 from Ba3, probability of default rating to B1-PD from Ba3-PD and senior unsecured note ratings to B1 from Ba3.

The speculative grade liquidity rating was lowered to SGL-3 from SGL-2.

The outlook is negative.

"The downgrade of Eldorado's rating reflects an expectation of continued cash consumption driven by spending on growth projects," Moody's vice president, senior analyst Jamie Koutsoukis said in a news release.

"We also see increased execution risk with its key projects in Greece where government actions have delayed development."

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