S&P cuts outlook of Brazil Telecom Oi to negative
SAO PAULO, April 2 (Reuters) - Standard & Poor's rating agency cut the outlook for Brazilian telecom Oi SA to negative from stable on Thursday, citing lower revenues and cash flow generation.
S&P affirmed its BB+ rating on the company but said there is downgrade potential in the next 12 months.
Reuters reported on Wednesday that Oi was eliminating 1,070 jobs this month in a cost-cutting program that will define how much it can invest this year. (Reporting by Caroline Stauffer; Editing by David Gregorio)
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