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Moody's downgrades Rolls-Royce on cash flow worries

  • Moody's has lowered its rating on Rolls-Royce (OTCPK:RYCEY) over cash flow concerns, a week after the company reported an extra charge to cover costs for its engine program and said it has spent £100M preparing for a no-deal Brexit.
  • Its rating on long-term senior unsecured debt was downgraded to Baa1 from A3, while its outlook was switched to stable from negative.
  • This reflects the "expectation that target free cash flow in 2019 will include working capital gains, which are not considered sustainable" and that it will be similarly supported in 2020.

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