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S&P lowers Odebrecht Offshore
S&P said it lowered the rating on Odebrecht Offshore Drilling Finance Ltd.'s notes to D from CCC-.
The agency also said it removed the rating from CreditWatch with negative implications.
The downgrade reflects Odebrecht's missed $32 million interest payment on the notes due 2022 after the finalization of its 30-day cure period according to the indenture, which occurred March 31, S&P said.
Even though Odebrecht announced that it will make the interest payment April 7 using liquidity reserves, S&P said it considers the timeliness of the payment a default because it didn't occur within the cure period.
Once Odebrecht makes the interest payment, the agency said it may raise the rating.
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