In a matter of weeks, Aegea Saneamento e Participacoes SA went from eyeing a multi-billion-dollar valuation in a Brazilian IPO to watching its bond investors rush for the exits.
S&P Global Ratings and Fitch Ratings cut the water utility deeper into junk territory this week, and put its credit score on watch for further downgrades after the company postponed the release of its financial statements.
While Aegea said the delay was due to accounting adjustments and won’t affect cashflow, liquidity or covenants, it’s not the first time the company has to republish its results. The utility — which counts Singapore’s ...
