Moody’s downgrades Stena

Moody's Investors Service said it downgraded Stena AB's corporate family rating to B2 from B1, its probability of default rating to B2-PD from B1-PD and its senior unsecured notes rating to Caa1 from B3.

Furthermore, Moody's downgraded the backed senior secured notes rating of subsidiary Stena International SA to B1 from Ba3.

The outlook was changed to stable from negative.

“The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets,” the agency said in a news release.

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