S&P cuts Independencia to D

Standard & Poor's said that it revised its B ratings on Independencia SA and Independencia International Ltd. to D following the company's request for reorganization proceedings under Brazilian bankruptcy law.

"We had placed these ratings on Creditwatch with negative implications on Feb. 27, 2009 after the company stopped operating," noted S&P credit analyst Milena Zaniboni.

Under the bankruptcy law, Independencia must submit a reorganization plan within a short period of time, and all actions and claims are subject to a 180-day stay, the agency said.

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