Oi S.A. Downgraded To 'D' From 'CCC-' Following Announcement Of Judicial Reorganization Filing - S&P Global Ratings’ Credit Research

Oi S.A. Downgraded To 'D' From 'CCC-' Following Announcement Of Judicial Reorganization Filing

Oi S.A. Downgraded To 'D' From 'CCC-' Following Announcement Of Judicial Reorganization Filing - S&P Global Ratings’ Credit Research
Oi S.A. Downgraded To 'D' From 'CCC-' Following Announcement Of Judicial Reorganization Filing
Published Jun 21, 2016
3 pages (1277 words) — Published Jun 21, 2016
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

On June 20, 2016, Brazil-based telecommunications company Oi S.A. announced that it has filed a request for judicial reorganization. We're lowering our corporate credit and issue-level ratings on Oi to 'D' from 'CCC-' on global scale and from 'brCCC-' on national scale. SAO PAULO (S&P Global Ratings) June 21, 2016--S&P Global Ratings lowered its corporate credit and issue-level global scale ratings on Oi S.A. (Oi) to 'D' from 'CCC-' and its national scale ratings to 'D' from 'brCCC-'. The recovery ratings on the company's rated debt remain unchanged at '4', indicating our expectation for average recovery (30%-50%; in the lower half of the range) following a default. The downgrade follows Oi's announcement that it had filed a request for judicial

  
Brief Excerpt:

...+ On June 20, 2016, Brazil-based telecommunications company Oi S.A. announced that it has filed a request for judicial reorganization. + We're lowering our corporate credit and issue-level ratings on Oi to 'D' from '###-' on global scale and from 'brCCC-' on national scale. SAO PAULO (S&P Global Ratings) June 21, 2016--S&P Global Ratings lowered its corporate credit and issue-level global scale ratings on Oi S.A. (Oi) to 'D' from '###-' and its national scale ratings to 'D' from 'brCCC-'. The recovery ratings on the company's rated debt remain unchanged at '4', indicating our expectation for average recovery (30%-50%; in the lower half of the range) following a default. The downgrade follows Oi's announcement that it had filed a request for judicial reorganization in an effort to restructure its debt obligations. Once the judicial reorganization process is finalized, we will evaluate the company under its updated capital structure and strategic plan. RELATED CRITERIA AND RESEARCH Related...

  
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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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Oi S.A. Downgraded To 'D' From 'CCC-' Following Announcement Of Judicial Reorganization Filing" Jun 21, 2016. Alacra Store. May 11, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Oi-S-A-Downgraded-To-D-From-CCC-Following-Announcement-Of-Judicial-Reorganization-Filing-1660271>
  
APA:
S&P Global Ratings’ Credit Research. (). Oi S.A. Downgraded To 'D' From 'CCC-' Following Announcement Of Judicial Reorganization Filing Jun 21, 2016. New York, NY: Alacra Store. Retrieved May 11, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Oi-S-A-Downgraded-To-D-From-CCC-Following-Announcement-Of-Judicial-Reorganization-Filing-1660271>
  
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