S&P axes Americanas

S&P said it downgraded Americanas SA’s global and national scale issuer ratings to D from B and brA and its senior unsecured debt to D from B and withdrew the 4 recovery rating.

“The D ratings reflect our view that the injunction relief granted to Americanas this past Friday is similar to a standstill, since it allows the company to not pay any of its obligations related to debt instruments in the next 30 days,” S&P said in a press release.

Americana’s also reported it hired Rothschild & Co. to work on the renegotiation of all its debt.

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