Fitch downgrades Independencia

Fitch Ratings said it downgraded Independencia SA's local- and foreign-currency issuer default ratings to D from C and national scale rating to D(bra) from C(bra) following the announcement that Independencia will not make the scheduled payment of interest on its senior secured notes due in 2015.

The agency continues to rate Independencia International Ltd.'s $165 million senior secured notes at C/RR4 and its second-lien secured exchange notes at C/RR6.

As of June 30, Independencia had R$5.4 million of cash and equivalents and R$1.9 billion of debt, Fitch said.

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