Lupatech and Lupatech Finance have had their global corporate family ratings downgraded to Caa1 from B2 by Moody’s. Lupatech Finance’s senior unsecured perpetual notes were also downgraded to Caa2 from B3. The ratings outlook is negative. According to Moody’s, the downgrades reflect weaker than expected Q3 results and a potentially unsustainable liquidity profile and capital structure. Approximately $275m in outstanding debt is affected.