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Moody’s cuts Eldorado Gold, notes to B2
Moody's Investors Service said it downgraded Eldorado Gold Corp.’s corporate family rating to B2 from B1, probability of default rating to B2-PD from B1-PD and senior unsecured note ratings to B2 from B1.
The speculative grade liquidity rating was affirmed at SGL-2.
The outlook is negative.
"The downgrade of Eldorado's rating reflects the high execution risk with its projects, particularly at Kisladag and in Greece, combined with continued cash consumption driven by spending on projects," Moody's vice president, senior analyst Jamie Koutsoukis said in a news release.
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