Moody’s shifts Localiza to stable

Moody’s Investors Service said it changed Localiza Rent a Car SA’s outlook to stable from negative and confirmed its Ba2 corporate family rating.

The outlook revision and affirmation conclude the review for upgrade initiated on Nov 20, 2020, the agency said.

“The rating action follows Brazil's antitrust agency Conselho Administrativo de Defesa Economica’s (CADE) decision on Dec. 15, 2021, to approve the merger between Localiza and Unidas SA (Unidas) with restrictions, including the sale of a portion of its fleet, agencies and used car stores in the rent-a-car segment, the divestiture of the Unidas brand, limitations on further inorganic growth, among others,” Moody’s said in a press release.

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