S&P boosts Invepar

S&P said it raised its global scale rating on Invepar to CCC+ from D and national scale rating to brBB- from D. At the same time, it raised the issue-level ratings on its third and fifth debentures to brB from D and the recovery rating remains 6.

Invepar restructured its holding level debt, the third and fifth debentures with a balance of R$1.05 billion as of June 30, and extended the maturity by 24 months to August 2026. The group also extended the maturity of Via 040's bank debt, about R$1 billion, by 48 months to October 2027. In exchange, Invepar agreed to amortize about R$90 million of the latter debt with upfront cash, using a mix of available cash and Via 040's cash position, the agency said.

The outlook is negative.

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