Moody's cuts Americanas

Moody's Investors Service said it downgraded to Ca from Caa3 Americanas SA's corporate family rating and the ratings of the backed senior unsecured notes issued by JSM Global Sarl and B2W Digital Lux Sarl, both guaranteed by Americanas.

“The downgrade follows the court approval of Americanas' judicial recovery request under the Brazilian bankruptcy and reorganization law. The judicial recovery in Brazil is the closest equivalent to Chapter 11 in the U.S. Subsequent to today's actions, all Americanas' ratings will be withdrawn,” Moody’s said in a press release.

The ratings actions end the review for downgrade the agency started on Jan. 16 after a provisional injunction granted to Americanas that suspended the effects of all contractual imposition of debt acceleration or obligations regarding the financial instruments of the group, Moody’s said.

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