Fitch drops USJ, pulls ratings

Fitch Ratings said it downgraded USJ - Acucar e Alcool SA's long-term foreign- and local-currency issuer default ratings to D from RD and its national scale rating to D(bra) from RD(bra). Fitch also affirmed USJ's $8.7 million of senior unsecured notes due 2019 and $3.9 million of 2021 notes at C/RR6 and USJ's $272 million of senior secured notes due 2023 at C/RR4.

Simultaneously, Fitch withdrew the ratings.

“The downgrade to D follows USJ's filing for debt restructuring under Brazilian bankruptcy protection law on Aug. 12, 2021. Fitch has withdrawn the ratings for commercial reasons,” the agency said in a press release.

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