S&P: Ceagro Agricola recovery rating now 6

Standard & Poor’s said it affirmed its D global scale and Brazil national scale corporate credit ratings and senior unsecured debt rating on Ceagro Agricola.

At the same time, S&P said it is revising its recovery rating on the company’s senior unsecured debt to 6, indicating recovery prospects below 10%, from 3.

S&P said the affirmation reflects the company’s missed interest payment on its 2016 senior secured debt on May 2015.

“Ceagro is still under a general debt restructuring process, completion of which we still have no information about,” S&P said in a news release. “Once completed, we will reevaluate the company’s overall credit quality.”

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