New York, December 18, 2015 -- Moody's Investors Service has downgraded Magnesita Refratários S.A. ("Magnesita")'s corporate family ratings to B2 from B1 and the ratings of the senior unsecured notes due 2020, issued by Rearden G Holdings Eins Gmbh and guaranteed by Magnesita, to B2 from B1. The outlook changed to negative from stable.

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