Moody's puts MI Developments uncertain review

Moody's Investors Service said it placed the Ba1 senior debentures of MI Developments Inc. under review direction uncertain.

The action reflects the uncertainty surrounding the effect on the debentures from the bid MI received for its shares, the increased risk in the credit profile and pressures in the automotive sector, according to the agency.

MI's metrics have remained strong with a net debt-to-EBITDA ratio at 1.85x as of the second quarter, the agency said.

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