Fitch drops Oi issuer ratings to D

Fitch Ratings said it downgraded Oi SA's long-term foreign-currency and local-currency issuer default ratings to D from C and its long-term national scale rating to D(bra) from C(bra). Fitch also affirmed Oi's senior unsecured notes due 2025 and senior secured 2026 notes at C/RR4.

“The downgrade reflects the company's ongoing judicial reorganization process.

“Oi filed a petition for bankruptcy protection to restructure its liabilities and preserve cash. The petition was granted by the Rio de Janeiro court and ratified by the company's board of directors in May 2023. Upon completion of the restructuring, Fitch will reassess Oi's credit profile and issue ratings based upon the company's new capital structure,” the agency said in a press release.

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