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Fitch gives BBB- to Fibria notes
Fitch Ratings said it assigned a BBB-(EXP) rating to the proposed senior unsecured notes to be issued by Fibria Overseas Finance Ltd. and guaranteed by Fibria Celulose SA.
Proceeds, which are expected to total $600 million, with a tenor of seven years, will be used to extend the company's debt maturity profile.
Fibria Overseas is a wholly owned subsidiary of Fibria and is incorporated in the Cayman Islands.
Fitch currently rates Fibria's long-term foreign currency and local currency issuer default ratings BBB-/stable.
Fitch said the ratings incorporate Fibria's excellent business position as a low-cost producer of market pulp and its ability to dilute fixed costs due to its size as the largest pulp producer globally with 7.3 million tons of bleached eucalyptus kraft (BEKP) market pulp capacity.
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