Moody’s trims Canal de Isabel

Moody's Investors Service said it downgraded to Baa2 from Baa1 the long-term issuer rating and the senior unsecured rating of Canal de Isabel II, SA.

The outlook remains negative.

“The rating action reflects a weakened financial profile arising from a change of policy by Canal’s main shareholder, the Comunidad Autonoma de Madrid (Baa1, stable), which has resulted in a diminished liquidity position, despite the risk of a substantial early repayment of the €500 million senior unsecured bonds due in February 2025,” the agency said in a news release.

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