On Feb. 3, 2023, the 7th Corporate Court of the state of Rio de Janeiro granted Oi S.A. an injunction relief, suspending for 30 days the enforceability of all debt obligations, including payments of interest and principal. Although the relief doesn't represent a new judicial reorganization, it can be an initial step toward one. As a result, S&P Global Ratings lowered its global and national scale issuer credit ratings on Brazilian telecom company to 'D' from 'CCC-' and from 'brCCC-', respectively. At the same time, we lowered our issue-level ratings on Oi's senior unsecured debt to 'D' from 'CCC-' and on its senior secured debt to 'D' from 'CCC'. We also withdrew the '4' recovery rating on the senior unsecured