Fitch rates Natura AAA(bra)

Fitch Ratings said it assigned BBB foreign and local currency issuer default ratings and a national-scale rating of AAA(bra) to Natura Cosmeticos SA.

The outlook is stable.

Natura's investment-grade ratings reflect its very strong capital structure, robust operational cash flow generation and its consistent and profitable business model, the agency said.

The ratings also consider a somewhat limited geographic diversification, with almost all of its cash flow generation derived from Brazil, as well as strong competition, Fitch noted.

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