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Moody’s: CAR unaffected
Moody's Investors Service said that CAR Inc.'s investment in UCAR Group (unrated) and Hertz's reduction of its stake in CAR will not affect CAR's Ba1 corporate family and senior unsecured debt ratings or its stable outlook.
On Sept. 17, CAR announced that it agreed to subscribe to 443,263 UCAR series B preferred shares for $50 million. This follows the $250 million initial investment that CAR made in July to acquire a 10% stake in UCAR. The company will hold 9.85% of UCAR's total issued shares based on a conversion ratio of 1 to 1. It will fund the investment with internal cash.
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