WhatsApp messages exchanged by Americanas executives a few days after the announcement of an accounting scandal by the retailer, on January 11, 2023, indicate an attempt by the company to buy time and toughen its dialogue with rating agencies.

This occurred as the company began facing a wave of downgrades in its credit ratings.

Among the messages attached to the recent opinion of the Public Prosecutor's Office for search and seizure, a WhatsApp group formed by the company’s financial executives is mentioned.

In the group, they discuss the meetings held with rating agencies and how they would have to approach them in light of the expectation of a series of downgrades during that turbulent time.

Experts say Americanas' behavior was inappropriate because it signals pressure on the independence of the agencies.

S&P said it could not comment on matters related to conversations with those being evaluated. Fitch also did not respond, and Moody’s said that "by contractual definition, it does not comment on its relationship with clients."

Americanas declined to comment on its executives' messages regarding the agencies.