Fitch rates Movida notes BB

Fitch Ratings said it assigned a BB rating to Movida Europe SA's planned benchmark-sized senior unsecured notes due in five years or longer. Controlling shareholder Movida Participacoes SA and Movida Locacao de Veiculos SA will guarantee the notes.

“Fitch equalizes the ratings of Movida and its controlling shareholder Simpar SA (Simpar; FC and LC IDR BB/stable), reflecting the medium legal and strong operational and strategic incentives that the holding has to support Movida, if needed,” the agency said in a press release.

The proceeds will be used to refinance debt and for general corporate purposes.

The outlook is stable.

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