Fitch puts Oi in default

Fitch puts Oi in default

Credit Ratings Downgrade Fitch Ratings Telecoms Brazil Debt Loans

Fitch Ratings said it placed Brazil's Oi in default after the telecommunications company filed for bankruptcy for the second time earlier this year. "The downgrade reflects the company's ongoing judicial reorganization process," Fitch said in a report on Wednesday, added that it will reassess the rating after Oi completes a restructuring. Oi filed for bankruptcy for a second time in early March after it failed to reach an agreement with creditors to restructure BRL43.7 billion ($8.68 billion) in

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