Fitch cuts Andrade Gutierrez, notes

Fitch Ratings said it downgraded Andrade Gutierrez Engenharia SA's (AGE) long-term foreign and local currency issuer default ratings to RD from B-.

The agency also downgraded Andrade Gutierrez International SA's (AGI) 2018 senior unsecured notes to C/RR4 from B-/RR4.

Fitch said the downgrade to RD follows a missed principal payment by AGI on its $500 million bond due April 30, which is fully and irrevocably guaranteed by AGE. There is no cure period for the principal according to the bond indenture.

The Andrade Gutierrez group has already bought back $155 million of this bond.

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