Moody’s changes Brazilian companies to stable

Moody's Investors Service said it took actions on several companies operating in Brazil following the outlook change on the Government of Brazil to stable from negative, and the affirmation of its issuer, senior unsecured ratings at Ba2 and senior unsecured shelf ratings at provisional Ba2.

The agency affirmed the ratings and changed the outlook to stable from negative on the following companies: Braskem SA; Cielo SA; Cosan SA Industria e Comercio; Embraer SA; Fibria Overseas Finance Ltd.; Suzano Trading Ltd.; Globo Comunicacao e Participacoes SA; Ultrapar Participacoes SA; Votorantim SA; and Votorantim Cimentos SA.

Moody's said its decision to affirm the Ba2 ratings reflects credit strengths that offset weak fiscal metrics compared to similarly rated peers. Moderately strong economic and institutional factors are in line with regional and Ba rated peers, and external vulnerability is very low.

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