Moody's ups Bertin note to Ba3

Moody's Investors Service said it upgraded Bertin Ltda.'s $120 million notes due 2008 to Ba3 from B1and affirmed the Ba3 $250 million senior unsecured notes due 2016 and Ba3 global local-currency corporate family rating.

The outlook remains negative.

The rating actions follow the successful issuance of the notes due 2016. The upgrade reflects the fact that the company used proceeds from the new notes to reduce debt, the agency said. Secured debt as a percentage of total debt is now below 20%.

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