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Fitch sees rating Rio Smart notes AA+
Fitch Ratings said it assigned expected ratings of AA+ to Rio Smart Lighting Sarl’s forthcoming senior secured notes issuance of R$925 million.
“The rating reflects a transaction supported by a $267 million guaranty provided by U.S. International Development Finance Corp. (DFC, not publicly rated) that will be in place throughout the entire life of the notes. The credit quality of the DFC is viewed as directly linked to that of the United States (AAA/F1+/negative). The unconditional and irrevocable guaranty covers a fixed amount that represents a buffer above the notes' issuance amount,” Fitch said in a press release.
The outlook is stable.
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