10:57 AM EDT, 04/05/2024 (MT Newswires) -- Moody's on Thursday downgraded Canacol Energy's ( CNNEF ) corporate family rating to Caa1 from B1.

The rating agency also lowered its senior unsecured global notes rating to Caa1 from B1. The outlook remained negative.

"The downgrade reflects the company's liquidity risk as production remains below Moody's expectations despite its high capital investments and heightened refinancing risk that results from the company's aggressive approach towards financial policy and deleveraging," Moody's noted.

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