OREANDA-NEWS. Fitch Ratings has downgraded Cimento Tupi S.A.'s (Tupi) foreign and local currency Issuer Default Ratings (IDRs) to 'RD' from 'C' and its national scale rating to 'RD (bra)' from 'C (bra)'. Fitch has also affirmed Tupi's senior notes at 'C/RR4'.

KEY RATING DRIVERS

The downgrades follow the expiration of the 30-day grace period after the non-payment of the company's interest payments on its USD185 million 2018 senior unsecured notes. Payment of the bond was due on May 11, 2015 with the 30-day grace period expiring on June 11, 2015.

RATING SENSITIVITIES

The company's ratings could be revised to 'D' from 'RD' pursuant to Fitch's rating definition. An upgrade is unlikely at this time.