S&P downgrades Invepar on refinancing risks

S&P downgrades Invepar on refinancing risks

Project & Infrastructure Finance Debt Coronavirus Capital Markets Debenture Fixed Income Brazil Latin America

S&P Global Ratings has downgraded Brazilian infrastructure company Invepar to CCC from CCC+ due to "deteriorating economic and credit market conditions" and increased refinancing risks for BRL1.37 billion ($261 million) in debentures that mature in April 2021. "We believe the COVID-19 pandemic will significantly hamper the operating performance of [Invepar's] main assets, which combined with challenging market conditions in the bank and capital markets, expose the company to non-payment of i

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