S&P slices USJ Acucar e Alcool

S&P said it lowered USJ Acucar e Alcool SA to SD from CCC+ after the company missed payments on its notes.

“We lowered the rating after the company missed the amortization and coupon payments of the outstanding amount of the 2019 notes totaling $8.7 million and $400,000, respectively, due Nov. 9, 2019. The company also missed the coupon payment of the 2021 notes, totaling almost $200,000. The total outstanding amount of the 2021 notes is $3.9 million, but the company is still within the grace period. We lowered the issuer credit rating to SD because we understand the company is still current on other obligations such as the 2023 notes, which warranted the option to accrue interest,” S&P said.

The agency also dropped the rating on the company’s senior unsecured notes to D from CCC-. The agency withdrew the recovery rating, because it said it doesn’t assign or keep recovery ratings on an entity rated D or SD.

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