Fitch upgrades Brookfield

Fitch Ratings said it upgraded the long-term foreign-currency issuer default ratings on Brookfield Incorporacoes SA to B+ from B and national long-term rating to A-(bra) from BBB+(bra).

The outlook is stable.

The upgrades reflect the strengthening of the high and frequently tested financial support from its controlling shareholder, Brookfield Asset Management Inc., Fitch said, and its integration with the parent.

Financial support from the parent has been provided on a constant basis and was evidenced by the R$3 billion cash injected in Brookfield Incorporacoes through capital increases and parent loans during 2014 and February 2016, the agency said.

The ratings also take into consideration that new measures for the strengthening of the company's capital structure and liquidity will be necessary, Fitch said.

© 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.