Fitch upgrades Globo

Fitch Ratings said it upgraded Globo Comunicacao e Participacoes SA's foreign-currency issuer default rating to BBB+ from BBB and local-currency issuer default rating to BBB+ from BBB.

The outlook is stable.

Fitch also said it upgraded the company's $325 million 9 3/8% perpetual notes to BBB+ from BBB and $200 million 7¼% senior notes due 2022 to BBB+ from BBB.

Fitch also said it affirmed Globo's national scale long-term rating at AAA(bra).

The upgrade reflects the company's continued strong business profile as the leading TV network in Brazil, the agency said, as well as the largest programming provider for pay-TV operators in the country.

The company's solid financial and liquidity position are underpinned by positive free cash flow generation and a comfortable debt maturity profile, the agency said.

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