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Article: Fitch Downgrades Arantes Alimentos to 'D'.
- Article from:
- Food Weekly News
- Article date:
- January 29, 2009
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Fitch Ratings has downgraded the following ratings of Arantes Alimentos Ltda (Arantes).
--Local currency Issuer Default Rating (IDR) to 'D' from 'CC'';
--Foreign currency IDR to 'D' from 'CC';
--National scale rating to 'D(bra)' from 'CC(bra)'.
Fitch maintains the 'CC/RR4' ratings of Arantes International Ltd's USD150 million senior unsecured notes due 2013. The Recovery Rating of RR4 is consistent with an anticipated recovery in the range of 30% to 50%. The 'CC/RR4' ratings of these notes remain on Rating Watch Negative due to concern that debt accumulated by the company since Sept. 30, 2008, may be secured and would diminish the ...