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Prospect News home > News index > List of issuers F > Headlines for Fibria Overseas Finance Ltd. > News item |
S&P assigns BBB- to Fibria bond
S&P said it assigned its BBB- issue-level rating to Fibria Overseas Finance Ltd.'s proposed senior unsecured bond, which the parent, Fibria Celulose SA (Fibria; BBB-/negative/--), will fully guarantee.
The bonds will rank equal in right of payment with all of the issuer's and the guarantor's existing and future senior unsecured debt.
S&P said the BBB- rating and negative outlook mainly reflect the rising pressure on Fibria’s leverage metric if pulp prices remain at about $670 per ton, while the exchange rate remains at R$3.30 per $1.00.
The outlook reflects at least a 30% chance of a downgrade if the company's metrics weaken below its financial policy leverage targets in the next 12 months, the agency added.
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