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S&P cuts Usina Caete to D
S&P said it lowered its global scale corporate credit rating on Usina Caete SA- NE to D from CCC- and the Brazil national scale corporate credit rating to D from brCCC-.
At the same time, S&P lowered the issue-level ratings to D from CCC and the national scale issue-level rating to D from brCCC. The recovery rating of 2 on Caete’s senior secured debt remains unchanged, indicating substantial recovery prospects (70%-90% in the high range of the band).
S&P also removed the ratings from CreditWatch negative.
S&P said the downgrade follows the company’s missed interest and principal payment on July 29 on its secured debenture term loan and other secured debt, accounting for nearly all of the company’s debt.
“We do not expect the company to make the payments within the next five business days or other stated grace period. It will instead go through a debt restructuring,” S&P said in a news release.
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