Fitch downgrades Unigel

Fitch Ratings said it downgraded Unigel Participacoes SA's long-term foreign currency issuer default rating to RD, restricted default, from C and its long-term national scale rating to RD(bra) from C(bra).

The agency also affirmed Unigel Luxembourg SA’s $530 million of senior unsecured notes due 2026 at C/RR4.

“The rating actions follow the company's failure to cure the missed interest payment due on Oct. 2, 2023, on its senior unsecured notes as part of the company's ongoing negotiations with creditors,” Fitch said in a press release.

Unigel is still studying a potential debt restructuring amid challenging market conditions, the agency said.

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