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Moody’s assigns Ba3 to FS notes
Moody's Investors Service said it assigned a Ba3 rating to the planned $500 million of senior unsecured notes to be issued by FS Luxembourg Sarl that will be guaranteed by FS Industria de Biocombustiveis Ltda. rated at Ba3 and FS I Industria de Etanol.
The company's other ratings, including FS Industria de Biocombustiveis’ Ba3 corporate family rating, are unchanged, the agency said.
The proceeds will be used to tender FS senior secured notes due 2025, with an outstanding amount of $446.3 million. “FS' proposed tender offer aims to extend the maturity of its outstanding financial debt and will not result in a material increase in the company's leverage,” Moody’s said in a press release.
The outlook is stable.
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