Moody's may downgrade Stena notes

Moody's Investors Service said it affirmed Stena AB's Ba2 corporate family rating with a positive outlook and placed its Ba3 senior unsecured notes on review for possible downgrade.

The review on the notes was prompted by the need to revisit the capital structure of Stena group ahead of the implementation of the loss-given-default methodology, the agency said.

The review will focus on the capital structure of the group including the level of secured debt, the security package, the amount of debt at operating subsidiaries level and potential factors mitigating the significant degree of structural and contractual subordination. Moody's noted that a downgrade, if any, will most likely be limited to one notch.

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