Brazil-based infrastructure operator Invepar is still facing a high short-term refinancing risk at the holding level, while it obtained a three-month extension to its R$1 billion debenture until March 2019. We view negatively the company's risk tolerance to refinancing risk and the short-term debt concentration at the holding company level. We're downgrading Invepar and its subsidiaries to 'B' from 'BB-' on global scale and to 'brA-' from 'brAA+'. The ratings remain on CreditWatch with negative implications, reflecting risk of further downgrade if the company is unable refinance the debentures with a medium to long-term structure within 90 days. On Nov. 12, 2018, S&P Global Ratings lowered its global scale issuer credit ratings on Investimentos e Participacoes em Infraestrutura S.A. –
