Short-term liquidity pressures on Brazil-based infrastructure operator Invepar have eased after it obtained a waiver, which could have ultimately caused a broad default, allowing the entity to focus on improving its capital structure. Nevertheless, we still view Invepar's capital structure as unsustainable, because dividends it receives aren't enough to service its sizable debt. The group depends on positive outcomes of events that don't depend only on the company, including reducing debt with the proceeds from fresh equity or asset sales. On June 10, 2019, S&P Global Ratings affirmed its 'CCC+' global scale and 'brBB-' national scale issuer credit ratings on Invepar and on its subsidiaries. We also removed the ratings from CreditWatch with negative implications. The negative outlook reflects our
