August 10, 2020
S&P Global Ratings has assigned a BB- rating to Brazil's Simpar, three steps short of investment grade, and downgraded its recently included subsidiary, logistics operator JSL, to B+ from BB-, according to a ratings report from August 6.
JSL approved a corporate reorganization plan on August 5 and became a wholly-owned subsidiary of Simpar with a reduced scope and higher debt levels, according to S&P.
"We expect that the group will look to expand the focus of each of its subsidiaries thr
S&P assigns Simpar a BB- rating and downgrades the logistics company itself to B+