Moody's downgrades Lupatech

Moody's Investors Service said it downgraded Lupatech SA's corporate family rating to Ca from Caa2 on the global scale and to Ca.br from Caa2.br on the national scale.

The agency also downgraded Lupatech Finance Ltd.'s $275 million senior unsecured perpetual bond to C from Caa3 on the global scale.

The outlook is stable.

Moody's said the action follows Lupatech's failure to make the $6.8 million (RL$3.5 million) interest payment of its perpetual bonds (issued by Lupatech Finance Ltd.) within the required thirty-day cure period, which expired on May 10.

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