"The negative rating outlook reflects the company's weak liquidity profile and Moody's concerns over the increased refinancing risk arising from the holdco's looming debt maturities," the statement said. Moody's said it could downgrade the ratings if holdco VRL fails to refinance its near-term US dollar bond and loan maturities with long-term financing by April 2022. The same will happen in case VRL pursues aggressive financial policies, in particular large debt-funded investments that materially skew its financial profile.