Moody's downgrades Orco

Moody's Investors Service said it downgraded the corporate family rating of Orco Property Group SA to B3 from B2 and the national scale rating to Ba1.cz from Baa3.cz and placed the ratings on review for further downgrade.

The agency said the downgrade reflects credit metrics at the end of 2007 that were weaker than expected.

Ratings are on review for further downgrade because Orco's rapid expansion has heightened the company's business risk profile, according to Moody's.

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