Moody's cuts Hidrovias do Brasil

Moody's Investors Service said it downgraded to B1 from Ba3 Hidrovias do Brasil SA’s (HBSA) corporate family rating and the senior unsecured ratings of the notes issued by Hidrovias International Finance Sarl due 2025 and 2031 and guaranteed by HBSA and its fully-owned subsidiaries, except for the bauxite operations subsidiaries (guarantor group).

“The downgrade of HBSA's ratings to B1 follows the company's announcement on Oct. 18 that it will raise R$380 million in new incentivized infrastructure debentures to fund investments at the STS20 terminal at the Santos port, which will further delay HBSA's deleveraging plans,” Moody’s said in a press release.

The outlook is stable.

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