S&P: PDG Realty S. A. Empreendimentos E Participacoes Downgraded To 'D' From 'SD' On Missed Principal Payment
The company expects to negotiate the definitive rollover of the 5th debentures issuance within the next 30 days. We consider this extension as equivalent to a distressed exchange and tantamount to a default. The company is currently negotiating with most of its creditors over a significant amount of its debt. After this missed payment, we believe the company will fail to repay most of its obligations as they come due. Therefore, we're also lowering our corporate credit rating on PDG to 'D' from 'SD'.
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