S&P downgrades Americanas on a global and national scale

The risk rating agency S&P Global Ratings downgraded Americanas in its credit rating on a global scale and on a national scale to “D”, for default. The change came less than a week after the company announced that it had found a R$20 billion hole in its balance sheets – later, an internal analysis determined that the debt could reach R$40 billion.

On Friday (13), S&P had already changed its credit rating on a global scale to “BB” and, on a national scale, which compares the ability to pay only between companies in Brazil, to “brA”.

Grades range from “AAA” (best grade) to “D” (worst grade, default). The agency also included the company in a CreditWatch listing with negative implications.

Earlier on Monday, Moody’s also downgraded Americanas from Ba2, with obligations subject to substantial credit risk, to CAA3, with obligations subject to very high credit risk.