S&P lowers Minas Gerais

S&P said it lowered the global and national scale ratings on the state of Minas Gerais to SD (selective default) from CCC- and brCCC-, respectively, indicating that the state defaulted on some of its debt service obligations.

If and when the state cures the payment default on this debt, if it remains current on its other debt service payments and depending on the assessment of Minas Gerais' overall credit profile, S&P said it could raise the company's ratings.

The agency said it expects the sovereign to honor the guarantees it provided to the loans.

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