Fitch upgrades Oi

Fitch Ratings said it upgraded Oi SA's long-term foreign currency and long-term local currency issuer default ratings to B- from D and the national ratings to BB-(bra) from D.

The outlook is stable.

Fitch withdrew the ratings on Oi's existing senior notes and debentures following a debt exchange.

“Following the ratification of the Judicial Reorganization Plan, Oi's capital structure has improved,” the agency said in a news release.

“Senior unsecured bondholders agreed to an 80% haircut, in exchange for new seven-year notes and 72% of the company's equity. The remaining creditors agreed to a grace period of five or more years on principal payments and four or more years on interest payments, which will be capitalized.”

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