Fitch rates Andrade Gutierrez notes BBB-

Fitch Ratings said it assigned a BBB- rating to Andrade Gutierrez International SA's senior unsecured notes of $500 million due to 2018.

Andrade Gutierrez International is wholly owned subsidiary of Andrade Gutierrez SA, ultimate holding parent of Andrade Gutierrez Group.

The notes are unconditionally guaranteed by Construtora Andrade Gutierrez SA.

The proceeds will be used for Construtora Andrade's debt-refinancing purposes, Fitch said.

Construtora Andrade has a foreign-currency issuer default rating of BBB-, local-currency issuer default rating of BBB- and national scale rating of AA(bra).

The outlook is stable.

The ratings reflect its conservative financial profile, supported by its track record of strong liquidity, adequate capital structure and above-average margins for its operating industry, engineering and construction, Fitch said.

The ratings also consider the company's sizable backlog of projects, which supports about four years of operations, the agency said.

© 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.