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Moody's lowers Geo Energy
Moody's Investors Service said it downgraded the corporate family rating of Geo Energy Resources Ltd. to Caa1 from B3. Moody's also downgraded to Caa1 from B3 the senior unsecured guaranteed notes issued by Geo Coal International Pte. Ltd., a wholly owned subsidiary of Geo Energy.
"The downgrade reflects Geo Energy's weak credit metrics and deteriorating liquidity given its declining cash balance, and the heightened uncertainty around its ability to increase its coal reserves, which is needed to prevent triggering a put option on its U.S. dollar notes by April 2021," said Maisam Hasnain, a Moody's assistant vice president and analyst, in a press release.
The outlook remains negative.
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