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Fitch downgrades Oi after halt to debt payments

Fitch downgrades Oi after halt to debt payments

February 7, 2023
Rating agency cuts the Brazilian telco to C after a court grants a 30-day injunction on interest payments for 2025 bonds

Credit Ratings Fitch Ratings Downgrade Telecoms Mobile Fixed-Line Debt Regulation Capital Markets Bonds Brazil

Fitch Ratings said it downgraded Brazil's Oi by one notch to C after a court in Rio de Janeiro allowed the telecommunications company protection to halt debt payments for 30 days. "The ratings will be downgraded to 'RD' if in Fitch's opinion Oi experiences an uncured payment default in its 2025 notes. Oi's ratings will be downgraded to 'D' if the company files for bankruptcy protection," the rating agency said in a report last week. Oi asked the court last week to allow the company to miss payme

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