Fitch affirms Localiza Rent a Car

Fitch Ratings said it affirmed Localiza Rent a Car SA's long-term foreign-currency issuer default rating at BB, its long-term local-currency issuer default rating at BBB- and its national scale rating at AAA(bra).

The outlook is stable.

“Localiza's ratings continue to reflect its prominent business position within the competitive car and fleet rental industry in Brazil, strong operational efficiency, track record of solid financial profile, robust liquidity and well-spread debt amortization schedule,” the agency said in a news release.

“Its large scale results in strong bargaining power with automobile manufacturers, enabling Localiza to better capture economies of scale.”

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