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Fitch cuts Odebrecht Offshore notes to D
Fitch Ratings said it downgraded the senior secured notes issued by Odebrecht Offshore Drilling Finance Ltd. to D from CC and maintained its recovery estimate (RE) at RE60%.
The outstanding balance on the notes is about $1,883,400,000.
Fitch said the downgrade follows the missed payment of scheduled interest due in March 1, 2017, and reflects increased liquidity pressure on the notes, as operating cash flows have not been sufficient to cover all operating expenses, capex and debt service in recent quarters. The ratings also reflect the continued depressed oil market conditions, the linkage to Petrobras' credit quality and the overall strength of the off-takers' payment obligation, the agency added.
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