Fitch affirms Oi

Fitch Ratings said it affirmed Oi SA's long-term foreign- and local-currency issuer default ratings at D and national long-term rating and local debentures rating at D (bra).

The agency also affirmed the existing ratings for Oi's senior notes as the debt exchange process is still underway.

“Fitch expects the implementation of Oi's approved judicial reorganization process to be completed by the end of July 31, 2018, in accordance with the deadlines agreed upon with creditors,” the agency said in a news release.

“Upon completion of the restructuring, Fitch will reassess Oi's credit profile and issue ratings based upon the company's new capital structure.

“Fitch expects to rate the company in the low speculative grade category upon completion of the reorganization, due to an unsteady business profile with a weakened competitive position and market share.”

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