OHL Bonds Fall on Unfavorable News and a Moody’s Rating Downgrade

Reuters reports that Obrascon Huarte Lain (OHL) bonds fell for the third day after Moody’s Investor’s Service issued a “one-notch rating downgrade” on the Spain-based engineering, construction and toll concession company’s corporate rating on August 3. “OHL’s bonds came under pressure on [August 1] after reporting poor first-half results, before taking another leg down on [August 2] as a planned share buyback spooked debt investors.”