Oi S.A. Downgraded To 'D' From 'CCC-' After Receiving Judicial Protection From Creditors - S&P Global Ratings’ Credit Research

Oi S.A. Downgraded To 'D' From 'CCC-' After Receiving Judicial Protection From Creditors

Oi S.A. Downgraded To 'D' From 'CCC-' After Receiving Judicial Protection From Creditors - S&P Global Ratings’ Credit Research
Oi S.A. Downgraded To 'D' From 'CCC-' After Receiving Judicial Protection From Creditors
Published Feb 03, 2023
3 pages (1446 words) — Published Feb 03, 2023
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

On Feb. 3, 2023, the 7th Corporate Court of the state of Rio de Janeiro granted Oi S.A. an injunction relief, suspending for 30 days the enforceability of all debt obligations, including payments of interest and principal. Although the relief doesn't represent a new judicial reorganization, it can be an initial step toward one. As a result, S&P Global Ratings lowered its global and national scale issuer credit ratings on Brazilian telecom company to 'D' from 'CCC-' and from 'brCCC-', respectively. At the same time, we lowered our issue-level ratings on Oi's senior unsecured debt to 'D' from 'CCC-' and on its senior secured debt to 'D' from 'CCC'. We also withdrew the '4' recovery rating on the senior unsecured

  
Brief Excerpt:

...February 3, 2023 - On Feb. 3, 2023, the 7th Corporate Court of the state of Rio de Janeiro granted Oi S.A. an injunction relief, suspending for 30 days the enforceability of all debt obligations, including payments of interest and principal. - Although the relief doesn't represent a new judicial reorganization, it can be an initial step toward one. - As a result, S&P Global Ratings lowered its global and national scale issuer credit ratings on Brazilian telecom company to 'D' from '###-' and from 'brCCC-', respectively. At the same time, we lowered our issue-level ratings on Oi's senior unsecured debt to 'D' from '###-' and on its senior secured debt to 'D' from '###'. - We also withdrew the '4' recovery rating on the senior unsecured debt and the '2' recovery rating on the senior secured debt. SAO PAULO (S&P Global Ratings) Feb. 3, 2023--S&P Global Ratings took the ratings actions described above. The 'D' ratings reflect our view that the injunction relief granted to Oi is similar to a...

  
Report Type:

Ratings Action

Ticker
TEPR4@BZ
Issuer
Oi S.A.
GICS
Integrated Telecommunication Services (50101020)
Sector
Global Issuers, Structured Finance
Country
Brazil
Region
Latin America
Format:
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Oi S.A. Downgraded To 'D' From 'CCC-' After Receiving Judicial Protection From Creditors" Feb 03, 2023. Alacra Store. May 13, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Oi-S-A-Downgraded-To-D-From-CCC-After-Receiving-Judicial-Protection-From-Creditors-2944453>
  
APA:
S&P Global Ratings’ Credit Research. (). Oi S.A. Downgraded To 'D' From 'CCC-' After Receiving Judicial Protection From Creditors Feb 03, 2023. New York, NY: Alacra Store. Retrieved May 13, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Oi-S-A-Downgraded-To-D-From-CCC-After-Receiving-Judicial-Protection-From-Creditors-2944453>
  
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