S&P affirms, withdraws Odebrecht Oleo

S&P said it affirmed its D corporate credit rating on Odebrecht Oleo e Gas SA and subsequently withdrew the rating at the company's request.

The agency said the withdrawal follows the exchange of the company's existing perpetual notes on Dec. 22 for unrated participative notes.

At the time of the withdrawal, the company had already obtained the approval of its extrajudicial recovery plan, but was still pending the decision from the Brazilian Appeal Court (Superior Tribunal de Justiça).

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