- Oi SA (OIBR) is down 6.1% after Fitch has downgraded a variety of the company's debt ratings on a slew of negatives as the company's "financial profile has continued to deteriorate."
- Low visibility on industry consolidation in Brazil is a problem, the firm notes: "Without this, Fitch does not foresee any material improvement in Oi’s operating fundamentals over the medium term."
- Liquidity is sound, Fitch notes, but ratings are "tempered" by Oi's weak market position and high leverage.
- Shares are down 46.7% YTD.