| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers O > Headlines for OAS SA > News item |
Fitch downgrades OAS
Fitch Ratings said it downgraded the foreign-currency and local-currency issuer default ratings of OAS SA and Construtora OAS SA to C from B+ and the long-term national scale ratings to C(bra) from BBB+(bra).
The agency also said it downgraded the national scale rating of OAS Empreendimentos SA to C(bra) from BBB-(bra).
The downgrades also include OAS’s ratings on its R$300 million debentures third issuance due 2016 to C(bra) from BBB+(bra), R$250 million debentures fourth issuance due 2027 to C(bra) from BBB+(bra) and R$300 million debentures fifth issuance due 2015 to C(bra) from BBB+(bra).
Also downgraded includes OAS Investments GmbH’s foreign-currency issuer default rating to C from B+ and the ratings on its $850 million senior unsecured notes due 2019 to C with recovery rating of RR4 from B+ with recovery rating of RR4.
The ratings on OAS Finance Ltd.’s $500 million perpetual bonds also were downgraded to C with recovery rating of RR4 from B+ with recovery rating of RR4 and its $400 million senior unsecured notes due 2021 to C with recovery rating of RR4 from B+ with recovery rating of RR4.
The ratings also were removed from negative watch, Fitch said.
These downgrades follow news that OAS did not pay the interest on its $400 million senior unsecured notes due 2021 in the amount of $16 million issued by OAS Finance Ltd.
This issuance is guaranteed by OAS, Construtora OAS and OAS Investimentos, the agency said.
Since Nov. 19, all OAS company ratings have been on negative watch, reflecting concerns as to the financial- and business-impacts on these corporations from corruption allegations on contracts between Petrobras and several companies in the sector, Fitch said, and the ensuing federal investigation.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.