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Moody’s reviews ENCE Energia
Moody's Investors Service said it placed ENCE Energia y Celulosa, SA's Ba3 corporate family rating, Ba3-PD probability of default rating and the B1 rating on the senior secured bonds under review for downgrade.
The review was prompted by very weak operating results in the first half of 2014 predominantly driven by regulatory changes in the Spanish energy markets. During the review, the agency said it will evaluate additional details of the company's business recovery plan, which is going to be implemented to offset the changes in the Spanish energy markets.
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