Moody’s downgrades Viver, debt to C/C.br

Moody's America Latina said it downgraded Viver Incorporadora e Construtora SA’s corporate family rating and its first issuance of R$300 million senior secured debentures to C from Caa3 on the global scale and to C.br from Caa3.br on the Brazilian national scale.

The downgrade follows Viver's Sept. 16 filing for judicial recovery under the Brazilian Bankruptcy and Reorganization Law at the Judicial District of Sao Paulo State.

The bankruptcy filing was triggered by an increasing number of creditors executing judicial claims to take possession of collaterals associated to delinquent secured loans following a prolonged period of financial distress and weak industry fundamentals, Moody’s explained.

The company reported knowledge of about R$33.5 million in total claims for collaterals assigned to secured loans in September before the filing.

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