Moody's downgrades ENRC's CFR rating and puts all ratings under review

Ratings agency Moody's on Thursday downgraded the corporate family rating (CFR) of Eurasian Natural Resources Corp. (ENRC) from B1 to Ba3 and has placed all ratings under review for further downgrade, reflecting the agency's concerns about 'recent corporate governance related developments'.

Ratings agency Moody's on Thursday downgraded the corporate family rating (CFR) of Eurasian Natural Resources Corp. (ENRC) from B1 to Ba3 and has placed all ratings under review for further downgrade, reflecting the agency's concerns about 'recent corporate governance related developments'.

A formal investigation into the company governance, including potentially fraudulent payments of at least $100m over four years, has been launched by the Serious Fraud Office (SFO). The company said Thursday it is 'assisting and cooperating fully' with the SFO.

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