16 March 2009 15:48 [Source: ICIS news]
LONDON--(ICIS news)--Moody’s Investors Service has downgraded its credit rating for AkzoNobel, saying that the economic slowdown would impact the Dutch coatings company’s plan to maintain strong growth, the ratings service said on Monday.
AkzoNobel’s senior unsecured rating was reduced to Baa1 from A3, with Moody’s maintaining a negative outlook.
“[The rating] reflects the assessment that a more pronounced slowdown in the global economy is likely to challenge the company’s plan to maintain strong growth and sustainably improve its profitability in the medium term,” Moody’s said in a statement.
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