Fitch downgrades Odebrecht

Fitch Ratings said it downgraded Odebrecht Engenharia e Construcao SA's long-term foreign-currency and local-currency issuer default rating to C from CC.

The downgrade also affects Odebrecht Finance Ltd.'s senior unsecured notes rating, which has been downgraded to C with recovery rating of RR4 from CC with recovery rating of RR4.

The downgrade to C follows news that Odebrecht will use part of the 30-day grace period before making the principal amortization of the B$500 million senior unsecured notes due April 25, 2018.

The $11 million coupon payment of the 2025 senior unsecured bonds also entered in the cure period, Fitch said.

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