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Moody's: Stena to negative
Moody's Investors Service said it revised the outlook on Stena AB to negative from stable.
The agency also said it affirmed its Ba2 corporate family and probability of default ratings and Ba3 senior unsecured rating.
The outlook change was prompted by concerns that by the end of 2011, Stena will not be able to achieve credit metrics that are adequate for the current rating category, Moody's said.
The improvement in metrics previously factored into the Ba2 rating could be impeded by the leveraging effect of the group's acquisition of three liquefied natural gas vessels at the end of the first half of 2011, combined with weaker-than-anticipated performances at the end of the first quarter of the year, the agency said.
Should the group's metrics not improve as anticipated, downward pressure could increase, Moody's added.
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