Fitch turns Eldorado view to positive

Fitch Ratings said it changed the outlook to positive from stable and affirmed Eldorado Brasil Celulose SA's long-term foreign and local currency issuer default ratings at BB- and upgraded its national scale long-term rating to AA-(bra) from A+(bra). The agency also upgraded to AA-(bra) from A+(bra) Eldorado's fourth local debentures issuance.

“The positive outlook reflects Eldorado's solid operating performance and strong credit metrics for the rating category. Eldorado's strong cash flow generation allowed capital structure improvements while reducing short-term refinancing risk. The company, however, still has the challenge to further extend its debt amortization profile,” Fitch said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.