Fitch affirms Localiza

Fitch Ratings said it affirmed Localiza Rent a Car SA's foreign-currency issuer default rating at BBB- and local-currency issuer default rating at BBB-.

Fitch also said it upgraded the long-term national scale rating for Localiza and its unsecured fifth debenture issuance to AA+(bra) from AA(bra).

The outlook is stable.

The actions and the investment-grade rating for Localiza reflect its strong business position within the car-and fleet-rental industry in Brazil, Fitch said, and its proven operational and financial flexibility throughout the economic cycle.

The upgrade considers the favorable growth prospects for the industry, along with its consistent and strong results, the agency said.

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