By Lise Alves, Senior Contributing Reporter

SÃO PAULO, BRAZIL – Fitch Ratings has downgraded Brazilian conglomerate Odebrecht’s Long-Term Foreign and Local Currency Issuer Default Ratings to 'CC' from, 'B- ' and its National Long-Term Rating to 'CC ', from 'BB- '., making the company’s risk very high.

“The downgrades reflect the growing and substantial challenges the company will face in 2017 to restructure its activities and regain cash flow generation capacity amid ongoing cash-flaring to provide driver support,” said the press release signed by Fitch’s senior analyst in São Paulo, Alexandre Garcia.

For Fitch, the company . . .

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