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Moody's downgrades Eldorado Gold
Moody's Investors Service said it downgraded Eldorado Gold Corp.'s corporate family rating to B3 from B2, probability of default rating to B3-PD from B2-PD, senior unsecured note ratings to B3 from B2 and speculative grade liquidity rating to SGL-3 from SGL-2.
The outlook was changed to stable from negative.
The downgrades reflect the company's high costs and high leverage, coupled with uncertain execution around its changing strategy, Moody's said.
The ratings are constrained by the company's high costs in 2018, resulting in weak profitability and high leverage, the agency said.
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