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Fitch lowers USJ – Acucar, lifts notes
Fitch Ratings said it downgraded the foreign- and local-currency issuer default ratings of USJ - Acucar e Alcool SA to RD (restricted default) from C and the national scale rating to RD(bra) from C(bra).
Fitch also said it upgraded USJ’s $275 million senior unsecured notes due 2019 to CCC with recovery rating of RR2 from C with recovery rating of RR4.
The downgrades follow the conclusion of a debt exchange offer for the $275 million senior unsecured notes due 2019 with about 90% adhesion, the agency said.
This offer is viewed as a distressed debt exchange, Fitch said.
The upgrade on the unsecured notes reflects the implicit 75% recovery that followed the 25% haircut taken by the bondholders, the agency said.
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