Fitch gives OEC first-time rating of CCC-, rates PIK notes CC

Fitch Ratings said it assigned first time long-term foreign- and local-currency issuer default ratings of CCC- and a national long-term rating of CCC(bra) to OEC SA.

Concurrently, Fitch said it assigned a first time CC/RR5 rating for $1.55 billion senior unsecured payment-in-kind toggle notes issued by OEC Finance Ltd., which are unconditionally and irrevocably guaranteed by OEC. The outlook for OEC's corporate ratings is stable.

Fitch has also upgraded Odebrecht Engenharia e Construcao SA's long-term foreign- and local-currency IDRs to CCC- from RD and national long-term rating to CCC(bra) from RD(bra), following the conclusion of the distress debt exchange process in January 2021.

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