The Fitch Ratings cutoff for the credit risk ratings of Light (LIFT3), the decision on the judicial deposit of the OK (VOUCH3) and an agreement reached by the CSN (CSNA3) are some of the corporate highlights this Friday (31).
Fitch cut, on a national scale, Light’s rating from CCC to CC and, on an international scale, from CCC+ to CC, after having already cut the electric company’s credit ratings in February.
The movement takes place in the face of the lack of visibility of the company’s strategy to deal with the next debt maturities amid tighter credit market conditions and higher financing costs.
According to Fitch, the new downgrade reflects the view that there is a high probability that Light will enter into a debt restructuring process.
CSN
CSN announced that its controllers concluded an agreement to restructure their stakes in the group that manages the company and agreed that they will vote in favor of a dividend of R$ 2.3 billion.
The company also announced a contract with CSN Mineração for export financing worth up to US$ 1.4 billion with foreign banks.
The resources will be used to expand the iron ore production capacity at the Casa de Pedra mine, in Minas Gerais.
OK
Vale stated that it has not yet been notified of the decision that determines a judicial deposit of R$ 10.3 billion in conjunction with BHP Brasil.
According to the mining company, the determination for the deposit published by the press would be divided equally between Vale and BHP Brasil, in 10 installments, with the first 40 days after the publication of the court decision.
*With information from Reuters
Source: Moneytimes
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