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Moody's assigns a Caa3 to Gemsa
Moody's Investors Service said it assigned a Caa3 corporate family rating to Generacion Mediterranea SA (Gemsa) and affirmed Gemsa's senior unsecured ratings. Concurrently, Moody's withdrew Albanesi SA's Caa3 corporate family rating. The outlook is negative.
The rating action reflects the group's ongoing corporate structure reorganization by which Gemsa will incorporate Albanesi, which in turn will cease to exist, Moody’s said. Gemsa will become an operating-holding company, consolidating the group's investments that were previously held under Albanesi.
Gemsa’s outlook remains negative.
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