OGX Lowered, OSX Gets Cash

OGX Lowered, OSX Gets Cash

Brazil Corporate & Sovereign Strategy

Fitch has downgraded Brazil's OGX to B minus from B, it says, while sister EBX company OSX has added $120m cash from controlling shareholders though the partial exercise of a put option. In its rating action, Fitch points to concerns about OGX's liquidity due to its aggressive acquisition last week of 13 exploratory blocks during a time in which the company is implementing an aggressive investment program and struggling to bring oil and gas production on line. "The exploratory blocks acquisition

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