Moody's cuts Ancap BCA to B2

Moody's Investors Service said it affirmed Ancap's Ba2 corporate family rating.

Moody's said the rating remains unchanged in spite of its lowered assessment on Ancap's baseline credit assessment that has been changed to B2 from B1.

The outlook is stable.

Moody's said the downgrade of Ancap's baseline credit assessment principally reflects a weaker stand-alone credit profile derived mainly from the company's increased leverage, that the agency believes will persist at a high level for a considerable period of time.

Weak and volatile profits over recent quarters that are expected to continue also underpinned the downgrade, Moody's said.

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