S&P Downgrades Oi S.A. (OIBR) to 'D' Following Request for Reorganization

S&P Global Ratings lowered its corporate credit and issue-level global scale ratings on Oi S.A. (NYSE: OIBR) to 'D' from 'CCC-' and its national scale ratings to 'D' from 'brCCC-'.

The recovery ratings on the company's rated debt remain unchanged at '4', indicating our expectation for average recovery (30%-50%; in the lower half of the range) following a default.

The downgrade follows Oi's announcement that it had filed a request for judicial reorganization in an effort to restructure its debt obligations. Once the judicial reorganization process is finalized, we will evaluate the company under its updated capital structure and strategic plan.

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