Moody’s drops Oxea, loan to B3

Moody's Investors Service said it downgraded Oxea Sarl’s corporate family rating to B3 from B2 and probability of default rating to B3-PD from B2-PD.

In addition, the agency downgraded the rating on the first-lien senior secured credit facility at Oxea's subsidiary Oxea Finance & Cy SCA to B3 from B2.

The outlook on all ratings was changed to negative from stable.

Moody’s said the downgrade of the corporate family rating to B3 reflects Oxea's continued weak operating performance since the company repaid its second-lien senior secured credit facility with a $325 million cash injection from its shareholder, Oman Oil Co. (unrated), in December.

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