Fitch downgrades Odebrecht

Fitch Ratings said it downgraded Odebrecht Engenharia e Construcao SA's long-term foreign and local currency issuer default ratings to C from CC.

The agency also downgraded Odebrecht Finance Ltd.'s senior unsecured notes to C/RR4 from CC/RR4.

“The downgrade to C follows OEC's announcement that it will exercise the 30-day grace period on the $11.4 million coupon payment due on Oct. 25, 2018, on its 4 3/8% 2025 senior unsecured notes, which indicates a default-like process has begun,” Fitch said in a news release.

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