...October 16, 2020 - Brazil-based telecom operator Oi S.A. got credit holders and judicial approval to amend its judicial reorganization plan (JRP). - On Oct. 16, 2020, S&P Global Ratings raised its global and national scale issuer credit ratings on Oi to '###+' and 'brBB', respectively, from '##' to reflect the completion of the JRP amendment and the ongoing risk of a conventional default. - In addition, we raised our issue-level rating on Oi's unsecured debt to '###+' from '###-' based on its unchanged recovery rating of '4'. - The ratings incorporate our view of the tough economic and competitive conditions, the challenging operational transformation project, and our expectation that leverage will remain high at least during the next two years, with adjusted gross debt to EBITDA significantly above 6x and free operating cash flow (FOCF) to debt close to 0%. - The stable outlook reflects our view that Oi doesn't face short-term liquidity pressures and our assumption that it will be able...
