Moody's changes Adecoagro view to negative

Moody's Investors Service said it affirmed Adecoagro SA's Ba2 corporate family rating, the Ba2 rating on its senior unsecured rating and changed the outlook to negative from stable.

“The negative outlook reflects our expectation that Adecoagro gross leverage will remain high for the rating level and risk profile, at around 3.5x, due to lower than estimated EBITDA for 2020 following a sharp decline in international oil prices. Our base-case scenario incorporates a Moody's Adjusted EBITDA of $324 million for 2020, or -7.6% lower year-on-year,” the agency said in a press release.

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