Fitch lowers Ouro Verde

Fitch Ratings said it downgraded the national scale rating and local debentures for Ouro Verde Locacao e Servico SA to C(bra) from CCC(bra).

The agency also downgraded the company's long-term foreign and local currency issuer default ratings to C from CCC.

“The downgrade reflects the fact that Ouro Verde has entered into temporary negotiated waivers postponing interest and principal payments on its 5th, 6th, 7th and 8th debentures issuances due to its poor liquidity position and inability to obtain additional bank financing to service its debt or renovate its contract base,” the agency said in a news release.

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