Moody's drops Arantes to Caa1

Moody's Investors Service said it lowered the corporate family and guaranteed foreign-currency senior unsecured bond ratings to Caa1 from B2 of Arantes Alimentos Ltda., following the company's failure to make its scheduled interest payment on Dec. 19 of $8 million.

The downgrade to Caa1 also reflects Arantes' significantly weak liquidity profile and uncertainties as to whether the company will be able to address its missed interest payment within the cure period of 30 days, the agency said. The rating remains under review for downgrade.

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