S&P rates Oi Brasil notes BB+

Standard & Poor’s said it assigned a BB+ rating to Oi Brasil Holdings Cooperatief UA’s proposed senior unsecured notes.

This rating reflects the credit rating on Oi SA, which unconditionally and irrevocably guarantees the new debt.

The 4 recovery rating indicates 30% to 50% expected default recovery.

The company will use the proceeds to repurchase existing debt in order to extend debt maturities, S&P said.

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