Fitch cuts Americanas credit rating

[ad_1]

Analysts from the risk rating agency point out that Americanas’ rating is justified by the deterioration of its liquidity, from R$8.8 billion in September to R$800 million today, in addition to the declared debt of R$43 billion. Americanas asks for judicial recovery; understand how it works Fitch Ratings cut Americanas’ credit rating from ‘C’ to ‘D’ and the national rating from ‘C(bra)’ to ‘D(bra)’ after the company started its judicial recovery process on Thursday -Friday (19). According to the risk classification agency, the new note indicates that the company has started a judicial recovery process, administrative intervention, liquidation or similar, becoming in default of its financial obligations. Justice accepts Americanas’ request for judicial recovery What does Americanas say to file for judicial recovery See the chronology of the case, from ‘accounting inconsistencies’ to judicial recovery Analysts Gisele Paolino, Renato Donatti and Martha Rocha write that Americanas’ note is justified by the deterioration of its liquidity, from BRL 8.8 billion in September to BRL 800 million today, in addition to the declared debt of BRL 43 billion. “In addition, part of the cash is blocked by financial institutions, which prevents the company from continuing to operate”, they comment. Fitch notes that Americanas shareholders were unable to capitalize the company in time to avoid insolvency. Now, Americanas is already at the lowest level of the agency’s credit rating scale, noting that the success in concluding the restructuring of the debt with creditors, which strengthens the liquidity and capital structure, can raise the rating. Cut in other rating agencies From street shop to retail empire: see Americanas’ history in the country This week, the rating agency Moody’s cut Americanas’ credit rating from ‘Ba2’ to ‘Caa3′ and placed it under observation negative. The new rating indicates that the company is at very high credit risk. Analysts Erick Rodrigues and Marcos Schmidt write that the change occurs after the company obtained a precautionary measure to suspend the collection of debts by creditors. Another credit rating agency, S&P cut Americanas’ credit rating from ‘B’ on the global scale to ‘D’ (general default) and downgraded the retailer’s “senior unsecured” debt issue ratings from “B” to “D”, removing the recovery ratings. Judicial recovery In view of the rapid deterioration of its financial situation, Americanas filed for judicial recovery, recognizing R$ 43 billion in debt. The company also requested 48 hours to present the complete list of creditors. The request was accepted hours later by the Rio de Janeiro Court of Justice, which prohibited banks from using Americanas money to offset debts. The only one who will be able to do this is BTG, which obtained a favorable decision yesterday in court that allows the blocking of funds. At the same time, the CVM said it had seven procedures open to analyze the Americanas case, including the conduct of shareholders Jorge Paulo Lemann, Carlos Alberto Sicupira and Marcel Telles, who own a third of the company’s shares.

[ad_2]

Source link