On June 20, 2016, Brazil-based telecommunications company Oi S.A. announced that it has filed a request for judicial reorganization. We're lowering our global scale ratings on Oi to 'D' from 'CCC-' and our national scale rating to 'D' from 'brCCC-'. On June 21, 2016, S&P Global Ratings lowered its corporate credit and issue-level global scale ratings on Oi S.A. (Oi) to 'D' from 'CCC-' and its national scale ratings to 'D' from 'brCCC-'. The recovery ratings on the company's rated debt remain unchanged at '4', indicating our expectation for average recovery (30%-50%; in the lower half of the range) following a default. The downgrade follows Oi's announcement that it had filed a request for judicial reorganization in an effort to
