Fitch cuts Oi to 'D' after bankruptcy ruling, ends coverage

Fitch downgraded Oi's ratings to 'D' (default) and terminated coverage following a Rio de Janeiro court's confirmation of the telecom's bankruptcy conversion from judicial recovery. The move formalizes the credit event, though provisional operations continue. This signals finality in Oi's restructuring failure, affecting bondholders and Brazilian telecom sector risk perception.