S&P upgrades Localiza

Standard & Poor's said it raised Localiza Rent a Car SA's global scale and Brazil national scale corporate credit ratings to BBB- from BB+ and brAAA from brAA, respectively.

The outlook is stable.

The ratings reflect the company's satisfactory business profile and intermediate financial profile, S&P said.

Although the car rental market is still evolving in Brazil, Localiza holds a very strong market position in both its car rental and fleet rental divisions, the agency said, with market shares well ahead of its closer competitors.

This, coupled with its higher operating efficiency, allows Localiza to both keep expanding its operations with competitive pricing and to maintain high profitability, 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.