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S&P downgrades Virgolino
Standard & Poor’s said it lowered the global scale corporate credit and debt ratings on Virgolino de Oliveira SA – Acucar e Alcool to CC from CCC-.
The agency also said it lowered the Brazil national scale rating on the company to brCC from brCCC-.
All of the ratings remain on CreditWatch negative.
The downgrades reflect the very high probability that the company won’t be able to comply with its upcoming interest payments for about $40 million, $8.5 million of which is due Jan. 13, S&P said.
This will likely lead to a general default of the company’s obligations, the agency said.
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