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S&P trims Invepar
S&P said it lowered its global scale issuer credit rating on Investimentos e Participacoes em Infraestrutura SA (Invepar) to CCC from CCC+ and the national scale rating to brB- from brBB-.
The agency also lowered the ratings on Concessionaria Auto Raposo Tavares SA (CART) to brB- from brBB-. Further, S&P lowered the issue-level rating on Invepar's third and fifth debentures issuances to brB- and brCCC, respectively, while lowering the rating on Metrobarra's debentures to brB-.
“The rating actions reflect our view that Invepar's refinancing risk has increased, because the holding company faces the maturity of its R$1.37 billion fifth debentures on April 11, 2021. We believe the Covid-19 pandemic will significantly hamper the operating performance of its main assets, which combined with challenging market conditions in the bank and capital markets, expose the company to non-payment of its financial obligations, which could be in the form of a conventional default or a distressed debt exchange,” S&P said in a press release.
The outlook is negative.
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