S&P: Localiza Rent a Car up to positive

Standard & Poor's said it affirmed its BB- local and foreign currency corporate credit ratings on Localiza Rent a Car SA.

The outlook on the local currency rating was revised to positive from stable. The outlook on the foreign currency rating remains stable.

S&P said the outlook change reflects Localiza's improving financial flexibility, with a more active presence in the domestic capital markets, and the resolution of refinancing risks.

The company's EBITDA to interest reached 5.5x in 2004, above the average of 4.5x in the past three years.

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