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S&P downgrades Odebrecht Oleo
Standard & Poor’s said it lowered the corporate credit rating on Odebrecht Oleo e Gas SA to D from CC.
The agency also said it revised the company’s stand-alone credit profile to D from CC and lowered the rating on Odebrecht Oil & Gas Finance Ltd. to D from CC.
S&P also said it removed the ratings from CreditWatch with negative implications.
The D ratings reflect the company’s failure to pay the interest payment on the aggregate $550 million 7% senior secured perpetual notes after the end of its 30-day grace period from the original interest payment date March 17, the agency explained.
The perpetual notes were issued by Odebrecht Oil & Gas Finance and are fully guaranteed by Odebrecht Oleo e Gas, S&P said.
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