Brazil’s OAS Misses Bond Payment, Prompting Fitch to Cut Rating
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Brazilian construction company OAS SA said it will sell assets to boost liquidity after missing a bond payment and getting a ratings cut.
“Because of the difficulties in accessing credit markets, OAS is in discussions with some of its main creditors for an organized financial restructuring,” the company said today in an e-mailed response to questions. “OAS Finance Ltd., a subsidiary of OAS SA, didn’t make the bond payment to preserve liquidity and continue operations.”