Moody's downgrades Newcrest after writedowns

Ratings agency cuts issuer rating, senior unsecured rating to Baa3 and declares outlook negative.

Moody's has cut Newcrest Mining Ltd's issuer rating and senior unsecured credit rating to Baa3 and declared its outlook as negative, after the gold miner last month announced a shock $6 billion in asset writedowns.

The ratings agency said its downgrade from Baa2 to Baa3 affected about $2 billion in debt securities.

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