Fitch maintains Eldorado Brasil watch

Fitch Ratings said it maintained Eldorado Brasil Celulose SA's B long-term foreign and local currency issuer default ratings and BBB-(bra) national long-term rating on rating watch evolving.

The agency also maintained the 2021 notes rated B/RR4 issued by Eldorado Intl. Finance GmbH and guaranteed by Eldorado and Cellulose Eldorado Austria GmbH on rating watch evolving.

On Sept. 4, Eldorado announced that the acquisition of J&F Investimentos SA's 50.59% of the capital stock of Eldorado by CA Investment (Brazil) SA, was not concluded within 12 months from the execution of the share-purchase agreement signed on Sept. 2, 2017.

The rating watch will remain on evolving until the ownership structure becomes clear and the future capital structure is determined, Fitch said.

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