STXNEWS LATAM-S&P downgrades Brazil's Lupatech to "D" after default

Thu Apr 11, 2013 8:49pm EDT

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Ratings agency Standard & Poor's downgraded Brazilian oil service and engineering company Lupatech SA to "D" from "CCC" on Thursday after the company failed to make a $6.79 million interest payment on $275 million of 9.875 percent perpetual bonds. Lupatech has said it faces cash-flow problems as giant oil projects by Brazil's state-controlled Petroleo Brasileiro SA and other companies have been delayed. (Reuters Messaging: