Fitch gives Libra Terminal debt AA(bra)

Fitch Ratings said it assigned long-term foreign and local currency issuer default ratings of BB+ and a national scale rating of AA(bra) to Libra Terminal Rio SA.

The agency also assigned initial expected rating of AA(bra)[EXP] to the company's proposed debentures issuance of R$200 million due 2019.

Proceeds of the proposed issuance will be used to refinance short-term debt and finance part of the company's capex plan.

The outlook is stable.

Fitch said Libra Rio's ratings reflect its solid business profile based on its port terminal operation in Rio de Janeiro and positive track record presenting consistently robust EBITDA margins over the last five years. Libra's ratings also reflect its consolidated healthy capital structure supported by satisfactory liquidity and moderate leverage projected through the company's significant capex period, the agency said.

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