Moody's: Virgolino notes B3

Moody's Investors Service said it affirmed the B3 corporate family rating of Agropecuaria Nossa Senhora do Carmo SA (Virgolino) and assigned a B3 rating to its proposed $200 million up to 10-year senior unsecured notes issued by its Luxembourg-based offshore subsidiary, Virgolino de Oliveira Finance Ltd.

The outlook is stable.

"The B3 rating reflects the good medium-term prospects for the sugar-ethanol industry due to still-constrained global inventories supporting sugar and ethanol prices," Moody's local market analyst Marianna Waltz said in a news release.

"It also takes into account the benefits from Virgolino's partnership agreement with Copersucar, which assures the sale of all sugar produced and generates more stable cash flows, while reducing logistics costs," Waltz added in the release.

© 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.