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Moody's cuts GS Caltex view to negative
Moody's Investors Service said it changed the outlook to negative from stable for the Baa1 senior unsecured issuer and bond ratings of GS Caltex Corp.
This downgrade reflects the increasing pressure on the company's financial profile due to its heavy capital expenditure plans, coinciding with a period of weak refining market conditions amid global economic uncertainty, Moody's said.
The company's already marginal debt coverage metrics also have left it with limited cushion within the Baa1 rating, the agency said.
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