Moody’s cuts Americanas rating after creditor protection injunction

The risk rating agency Moody’s cut this Monday (16) Americanas’ credit rating from ‘Ba2’ to ‘Caa3’ and placed the rating under review for further downgrading, following the movement of its peers Fitch and Standard&Poor’s in the last Friday 13).

Under Moody’s scale, bonds rated ‘Caa’ are considered speculative with low ranking and are subject to very high credit risk. The ‘Ba’ rating also represents obligations that are considered speculative but subject to substantial credit risk.

The decision, according to Moody’s, follows Friday’s announcement, when the retailer obtained an injunction protecting it for 30 days against early debt maturity, which the retailer can use to reach an agreement with creditors or file for recovery. judicial.

“Moody’s believes that, in the absence of an agreement with creditors to safeguard liquidity, it is likely that the company will file for bankruptcy within 30 days of the announcement,” it said in a statement.

He also believes that the company will present alternatives to improve the capital structure, including a possible contribution of capital from the reference shareholders. And he also links the cut in the rating to greater governance risks, “in particular the lack of adequate controls and transparency”.

“The ‘standstill’ imposition on creditors follows a sharp deterioration in confidence and increased credit risk with uncertainties related to the company’s level of indebtedness and its ability to service that debt,” Moody’s said in the statement.

In addition, the agency still sees increased risk of breach of clauses and acceleration of debt in the absence of the automatic suspension granted on January 13th.

S&P and Fitch already cut Americanas’ credit ratings last Friday.