November 8, 2018 |
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
Rating agency says the Brazilian builder could pursue a restructuring deal in the near term