Fitch downgrades Schahin Oil

Fitch Ratings said it downgraded Schahin Oil and Gas Ltd.’s foreign- and local-currency issuer default ratings to C from B- and removed the Rating Watch negative.

The downgrade follows the continuing deterioration of Schahin’s credit quality and its exposure to current depressed market conditions, Fitch said.

The company has not succeeded in refinancing its short-term debt, which further pressures its already tight liquidity position, the agency said.

Allegations that the engineering unit of the Schahin Group, Schahin Engenharia, would be involved in the Lava-Jato investigation contribute to aggravating the situation, Fitch added.

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