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Fitch lowers Rio Oil Finance Trust notes
Fitch Ratings said it downgraded the series 2014 notes issued by Rio Oil Finance Trust as follows: (a) $2 billion series 2014-1 notes to B from BB-; (b) R$2.4 billion series 2014-2 special debt to BB+ sf (bra) from Asf (bra); and (c) $1.1 billion series 2014-3 notes to B from BB-.
The outlook remains negative.
Fitch said its ratings on the notes address timely payment of interest and principal. Interest payments reflect the amended cash flow distributions and principal payments consider all monthly early principal amortization payments received during a given quarter.
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