Fitch lowers OAS, Construtora

Fitch Ratings said it downgraded the foreign-currency and local-currency issuer default ratings for OAS SA and Construtora OAS SA to RD (restricted default) from C and long-term national scale ratings to RD(bra) from C(bra).

The agency also said it downgraded the long-term issuer default rating on OAS Investments GmbH to RD (restricted default) from C and the national scale rating on OAS Empreendimentos SA to RD(bra) from C(bra).

These downgrades follow news that OAS did not pay the principal and interest on its 9th debentures issuance, in the amount of R$103 million due Jan. 5.

The company also did not pay the interest on its $400 million senior unsecured notes due 2021 in the amount of $16 million issued by OAS Finance Ltd., thus entering the 30-day cure period. This issuance is guaranteed by OAS, Construtora OAS and OAS Investimentos, the agency said.

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