OGX Falls Out of Single-B

OGX Falls Out of Single-B

Brazil Corporate & Sovereign Strategy

Following its controller’s selling of shares at near all-time low prices and a vague announcement about debt restructuring at all EBX companies, Fitch has chopped OGX to CCC from B minus. For the agency, the key concern is the “increased uncertainty” of Eike Batista honoring his $1bn put option – a pledge made last year that is critical to a company with only enough funds to last until the end of the year. “Funding for OGX's capex program is vital to increasing oil production, so a default on th

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial