Moody’s assigns BRK notes Ba2

Moody’s Investors Service said it assigned Ba2/Aa3.br, respectively, in global and Brazil’s national scale, to BRK Ambiental Participacoes SA’s debenture issuance of R$1.1 billion. Simultaneously, Moody’s upgraded BRK’s corporate family rating to Aa2.br from Aa3.br in the national scale.

“The Ba2/Aa3.br ratings assigned to the new debenture issuance incorporate BRK’s credit quality while as a holding company, BRK largely depends on the regular dividends up-streamed by its operating subsidiaries to meet its obligations, equity investment commitments and potential cash requirements related to its guarantees,” Moody’s said in a press release.

The proceeds will be used to refinance all the holdco’s outstanding debt, investments and working capital needs.

The outlook is stable.

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