Moody’s assigns OAS notes B1

Moody's Investors Service said it assigned a B1 foreign currency rating to the proposed $400 million seven-year senior unsecured notes to be issued by OAS Finance Ltd., a wholly-owned finance subsidiary of OAS SA.

The notes will be unconditionally and irrevocably guaranteed by OAS, Construtora OAS SA and OAS Investimentos SA.

The outlook is stable.

Proceeds will be primarily used for liability management at OAS.

Moody’s said the B1 rating reflects OAS’ good position in the Brazilian construction market, experienced management team, solid track record of execution, and strong construction backlog of R$20.2 billion that provides visibility for near-term revenue generation.

The rating also considers the recent improvement in the company's liquidity position and evolving corporate governance practices, the agency said.

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