Research Update: Brazilian Infrastructure Operator Invepar Downgraded To 'CC' And 'brCC' On Likely Debt Restructuring; Outlook Negative

Brazil-based transportation infrastructure group Investimentos e Participacoes em Infraestrutura S.A. – Invepar announced that it has extended the final maturity date of its R$1.9 billion fifth debentures issuance by an additional 80 days to June 30, 2021. Invepar is also in ongoing discussions with its creditors about a restructuring plan for its R$2.2 billion of debt at the holding company level, which would involve cash payments and equity shares of its subsidiaries. Although not yet completed, we view the debt restructuring as inevitable considering the group's fragile financial position. As a result, on April 7, 2021, S&P Global Ratings lowered its global scale issuer credit rating on Invepar to 'CC' from 'CCC-' and the national scale rating to 'brCC' from

... Investimentos e Participacoes em Infraestrutura S.A. ¡ Invepar announced that it has extended the final maturity date of its R$1.9 billion fifth debentures issuance by an additional 80 days to June 30, 2021. - Invepar is also in ongoing discussions with its creditors about a restructuring plan for its R$2.2 billion of debt at the holding company level, which would involve cash payments and equity shares of its subsidiaries. Although not yet completed, we view the debt restructuring as inevitable considering the group's fragile financial position. - As a result, on April 7, 2021, S&P Global Ratings lowered its global scale issuer credit rating on Invepar to '##' from '###-' and the national scale rating to 'brCC' from 'brCCC-'. We affirmed the 'brC' issue-level ratings on Invepar's third and fifth debentures. Given that Invepar guarantees Metrobarra S.A.'s debentures, we lowered the issue-level rating to 'brCC' from 'brCCC-'. - The negative...

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