Moody's cuts Pioneer to B1

Moody's Investors Service said it downgraded to B1 from Ba3 the local-currency issuer rating for Pioneer Corp. This concludes the review for possible downgrade that began in October 2008.

The outlook is negative.

The action takes into account the subordination of the company's unsecured debt to its loans, Moody's said.

The negative outlook reflects concerns that Pioneer's core business will continue to face severe market conditions and that the company will need some time before it can improve its profitability and financial position, the agency said.

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