Moody's cuts Gallery Media

Moody's Investors Service said it downgraded the corporate family rating of Gallery Media Group Ltd. and bond rating of Gallery Capital SA to Caa2 from Caa1.

The outlook was changed to negative from stable, reflecting the agency's concerns over the Russian outdoor market development in the next twelve months.

Given significant downturn of the market conditions, Gallery may face difficulties servicing its debt given weakening cash flow generation and limited visibility on sales, profitability and working capital requirements, according to the agency.

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