Moody’s lowers Localiza

Moody's America Latina said it downgraded Localiza Rent a Car SA's senior unsecured rated debt to Ba2 from Baa3.

The national scale ratings were also downgraded to Aa2.br from Aa1.br .

At the same time, Moody's assigned a Ba2 corporate family rating in the global scale and Aa2.br in the national scale.

The outlook was changed to negative.

"The downgrade of Localiza's ratings to Ba2 was prompted by the downgrade of Brazil's government bond rating to Ba2 from Baa3," Moody's vice president and senior analyst Marcos Schmidt said in a news release.

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