Moody’s drops OAS to B2

Moody's Investors Service said it downgraded the ratings assigned to OAS SA and to its guaranteed debt issuances at OAS Investments GmbH and OAS Finance Ltd. to B2 from B1.

All ratings were placed under review for downgrade.

The downgrade reflects a deterioration in OAS’ credit profile due to weaker than anticipated cash generation in 2014 and Moody's expectation that an organic improvement in leverage will take longer to occur.

The ratings remain under review given the company's increased liquidity risk and the challenges ahead of the management to address short-term debt maturities on a timely basis amid evolving industry fundamentals and ongoing judicial and administrative disputes, the agency said.

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