Moody’s eyes Localiza for upgrade

Moody’s Investors Service said it placed Localiza Rent a Car SA’s Ba2 global scale and Aa1.br national scale corporate family ratings on review for upgrade. Before the review, Localiza’s outlook was negative.

“The review process follows the approval on Nov. 12 by Localiza and Unidas SA’s shareholders to combine both companies’ operations through a share swap that will result in the incorporation of Unidas by Localiza. The share swap ratio will be of 0.446824 of Localiza’s share for each share of Unidas. The transaction still pends approval from Brazil’s antitrust authority, Conselho Administrativo de Defesa Economica (CADE),” said Moody’s in a press release.

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