OMV: Moody´s Warns Against Downgrade

Business › n.a. ♦ Published: January 10, 2011; 00:50 ♦ (Vindobona)

The Austrian energy group has to refinance its acquisitions in Turkey and Tunisia. The American rating agency puts pressure on OMV.

OMV: Moody´s Warns Against Downgrade / Picture: © Vindobona.org

According to Moody´s, the rating of the Austrian oil and gas company OMV could be in danger. If the refunding plans do not take place in time, the current AA-rating will be downgraded. Due to the major acquisitions in Turkey and Tunisia, OMV plans to strengthen its equity base via issuing a convertible bond or a capital increase in 2011.

In December 2010, OMV acquired a 54%…

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