Moody's puts Odebrecht in default

Moody's puts Odebrecht in default

Bonds Debt Capital Markets Corporate & Sovereign Strategy Fixed Income Project & Infrastructure Finance Brazil

Moody's has cut its ratings for Odebrecht Engenharia e Construção to C from Caa2, after the Brazilian construction company delayed $12m in interest payments for its 4.375% 2025 bonds. "We view the missed payment as a signal that the company would likely pursue a deeper debt restructuring in the near term, with severe losses to creditors," Moody's said in a report. Odebrecht is going through roughly $150m in cash every quarter, Moody's said, and it had $456m in cash at the end of June this year

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