Fitch snips MC Brazil

Fitch Ratings said it downgraded MC Brazil Downstream Trading Sarl's $1.8 billion of senior secured notes due 2031 to B+/RR4 from BB-/RR4 and the long-term issuer default ratings to B+ from BB-.

“MC Brazil's downgrade reflects the materially lower expectation of cash flows, driven by compressed crack spreads through the rating horizon, which in turn deteriorate leverage and coverage ratios beyond downgrade triggers. Fitch expects MC Brazil will realize a weighted average crack spread of $10/bbl between 2023 through 2026, below the $13.6/bbl realized in 2022,” Fitch said in a press release.

The outlook is stable

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.