Moody's cuts Naviera

Moody's Investors Service said it downgraded the corporate family rating of Bahia De Las Isletas, SL, the holding company owner Naviera Armas, to Caa2 from B3, and its probability of default rating to Caa2-PD from B3-PD. At the same time, Moody's downgraded Naviera Armas' senior secured notes to Caa2 from B3. The outlook remains negative on both entities.

"The decision to downgrade Naviera by two notches reflects Moody's expectations that the spread of the coronavirus in Spain will negatively impact the company's operations and profitability, but more specifically the company's liquidity in the first half of 2020," said Guillaume Leglise, Moody's lead analyst for Naviera and assistant vice president, in a press release.

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