On May 16, 2025, Rio de Janeiro's Fifth Business Court approved the precautionary measure filed by Investimentos e Participacoes em Infraestrutura S.A. (Invepar) the day before, giving the company and its subsidiaries--Linha Amarela S.A. (Lamsa), Línea Amarela Brasil Participações, and Concessionária BR 040 (Via 040)--a 30-day deadline to file for judicial reorganization if no agreement is reached with its creditors during that period. This follows the debt acceleration of Invepar?s third and fifth debentures totaling Brazilian real (R$) 676.7 million earlier this month. Although the precautionary measure is an out-of-court protection, we understand that it is essentially a debt standstill, which we consider equivalent to a default. As a result, we lowered our global scale issuer credit and national scale
