Fitch lowers SBM Baleia notes to BBB-

Fitch Ratings said it downgraded SBM Baleia Azul, Sarl’s series 2012-1 senior secured notes due 2027 to BBB- from BBB.

The agency also placed the notes on Rating Watch Negative.

The notes are backed by the flows related to the charter agreement signed with Petroleo Brasileiro SA (Petrobras) for the use of the floating production storage and offloading unit (FPSO) Cidade de Anchieta for a term of 18 years.

SBM do Brasil Ltda., the Brazilian subsidiary of SBM Holding Inc. SA, is the operator of the FPSO. SBM is the sponsor of the transaction. The FPSO Cidade de Anchieta began operating at the Baleia Azul oil field in September 2012.

Fitch said the action follows its downgrade of Petrobras, the offtaker of the transaction. The Rating Watch on the SBM Baleia notes reflects the placement of Petrobras' issuer default ratings on Rating Watch Negative.

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