Moody's cuts MI Developments notes to Ba1

Moody's Investors Service said it downgraded the senior debentures of MI Developments Inc. to Ba1 from Baa3.

The action reflects the persistent financial issues with Magna Entertainment Corp., a company in which the company has a 54% equity stake and controls 96% of the votes, and increasing pressures in the automotive sector, according to the agency.

The outlook is stable.

The rating reflects a strong franchise, the agency said.

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