S&P downgrades, withdraws Globo

Standard & Poor's said it lowered its corporate credit rating on Globo plc to D from CCC and removed the rating from CreditWatch with negative implications.

Subsequently, S&P withdrew the corporate credit rating on Globo.

The action follows Globo's announcement that it received a letter from its main creditor regarding the occurrence of events of default, and that a court placed the company into administration, the agency said.

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