Fitch gives Movida, notes BB-

Fitch Ratings said it assigned first time long-term foreign- and local-currency issuer default ratings of BB- to Movida Participacoes SA and to its proposed benchmark sized unsecured notes to be issued by Movida Europe, a wholly owned subsidiary of Movida. Movida Participacoes will guarantee the notes.

“The rating reflects Movida's solid business position within the competitive car and fleet rental industry in Brazil, with adequate operational efficiency,” Fitch said in a press release.

Proceeds will be used to refinance debt and general corporate purposes.

The outlook is stable.

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