Fitch cuts OAS, Construtora OAS

Fitch Ratings said it has downgraded the foreign currency and local currency issuer default ratings of OAS SA and Construtora OAS SA to C from B+ and their long-term national-scale ratings to C(bra) from BBB+(bra).

In conjunction with these rating actions, Fitch said it has downgraded the national-scale rating of OAS Empreendimentos SA to C(bra) from BBB-(bra).

All issuances related to these three companies, as well as the perpetual bonds issued by OAS Finance Ltd. and the senior unsecured notes issued by OAS Investments GmbH and OAS Finance, were also affected by this rating action.

The ratings were removed from negative watch.

Fitch said that these downgrades follow the announcement by OAS that it did not pay the interest on its $400 million senior unsecured notes due 2021.

OAS and its subsidiaries' C ratings reflect the company's imminent default on this issuance and other financial obligations to mature within the next days, the agency said.

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