Moody's cuts Obrascon

Moody's Investors Service said it has downgraded the senior unsecured rating and senior bond rating of Obrascon Huarte Lain to Ba1 from Baa3.

In conjunction with this, Moody's said it will withdraw the issuer rating and assign corporate family and probability of default ratings of Ba1.

The outlook is negative.

At the same time, Moody's added that it will assign a loss given default assessment of LGD3, noting that the downgrade reflects Moody's view that the company's business model and current financial profile is no longer commensurate with an investment-grade rating.

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