NEW YORK--(BUSINESS WIRE)--Fitch Ratings has downgraded Ceagro Agricola Ltda's (Ceagro) foreign and local currency Issuer Default Ratings (IDRs) to 'RD' from 'C' and the national scale rating to 'RD (bra)' from 'C (bra)'. Fitch has also affirmed Ceagro's senior notes at 'C/RR4'. KEY RATING DRIVERS The downgrades follow the expiration of the 15-day grace period after the non-payment of the company's interest payments for its May 2016 senior notes. Payment of the bond was due on May 16, 2015 with