Moody's downgrades Peugeot credit ratingJuly 26, 2012 - 10:34 AMT PanARMENIAN.Net - Moody's agency downgraded the credit rating of struggling French carmaker PSA Peugeot Citroen, warning also that it was placing the company on review for a possible further downgrade, AFP reported. The agency in a statement said it had downgraded Peugeot's rating, and that of its subsidiary GIE PSA Tresorerie (GIE), from Ba1 to Ba2 and left it "on review for further downgrade". The news came the day after France's biggest carmaker announced that it had suffered a first half net loss of 819 million euros ($989 million), more than reversing a year-earlier net profit of 806 million euros. The company, which has announced 8,000 job cuts in France, said it will implement a 1.5-billion-euro cost reduction plan through to 2015. Moody's said that its decision to downgrade the rating of the second-largest automaker in Europe "reflects the material deterioration in the already weak capacity utilization of the company's European plants." "The downgrade and continuing review also take into account the fact that PSA is unlikely to return to break-even operating cash flow before late 2014," said Moody's Senior Vice President Falk Frey. Moody's move follows similar downgrades Wednesday by fellow ratings agencies Fitch and Standard and Poor's which also lowered Peugeot's ratings by one notch. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | About 32,000 rally in Yerevan to deman Pashinyan’s resignation About 31,700 people attended an opposition rally on Thursday, May 9 in Yerevan demanding the resignation of Prime Minister Nikol Pashinyan. Armenian, Azerbaijani Foreign Minister to meet in Almaty Armenian Foreign Minister Ararat Mirzoyan and his Azerbaijani counterpart Jeyhun Bayramov will meet in Almaty. Viva-MTS: Tech solutions to modernize infrastructure of border village The border village has been the focus of Viva-MTS and the Foundation for the Preservation of Wildlife and Cultural Values since 2015. Ucom's fixed network launched in Artashat To mark this occasion, the company has introduced a special offer exclusively for Artashat residents. |