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Moody's Ratings downgrades AFE's senior secured notes and CFR to Ca, changes outlook to negative following proposed capital restructuring

Moody's Ratings (Moody's) today downgraded AFE S.A. SICAV-RAIF's ("AFE")'s long-term corporate family rating (CFR) to Ca from Caa2 and its backed senior secured notes rating to Ca from Caa3. We also changed AFE's outlook to negative from positive. The rating action follows AFE's proposed debt rest...
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Moody's Investors Service
Moody's Investors Service

Moody's Investors Service is a leading provider of credit ratings, research, and risk analysis. Moody's commitment and expertise contributes to transparent and integrated financial markets, protecting the integrity of credit. Our ratings and analysis track debt covering more than:

  • 130 countries
    11,000 corporate issuers
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    76,000 structured finance obligations



Credit ratings and research help investors analyze the credit risks associated with fixed-income securities. Such independent credit ratings and research also contribute to efficiencies in fixed-income markets and other obligations, such as insurance policies and derivative transactions, by providing credible and independent assessments of credit risk.



Moody’s default studies validate our predictive ratings. Our published research and investor briefings draw thousands of attendees each year and keep investors current with the rationale underlying our credit opinions. 

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