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Moody’s slices Abra
Moody's Investors Service said it downgraded Abra Group Ltd.'s corporate family rating to Caa3 from Caa1 and to Caa3 from Caa1 the ratings on the $1 billion of backed senior secured notes and $453 million of backed senior secured exchangeable notes due 2028 issued by Abra Global Finance and unconditionally and irrevocably guaranteed by Abra. The outlook for Abra and Abra Global Finance was changed to negative from stable.
The downgrade of Abra's ratings follows the downgrade in Gol Linhas Aereas Inteligentes SA's ratings to Ca because of its voluntary filing for protection under the U.S. Chapter 11 financial reorganization process, the agency said.
“As part of the filing for Chapter 11, Gol was granted an automatic stay for all debt obligations, including the secured notes due 2028, which are the main source of cash for Abra to cover its own interest payments,” S&P said.
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