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Prospect News home > News index > List of issuers A > Headlines for Aracruz Celulose SA > News item |
Fitch downgrades Aracruz
Fitch Ratings said it downgraded Aracruz Celulose SA's local- and foreign-currency issuer default rating to BB- from BB+ and national scale rating to A(bra) from AA-(bra).
Ratings remain on Rating Watch negative.
The actions reflect an expectation that Aracruz will unwind its derivative positions and that realized losses may exceed $1.5 billion, according to the agency.
Pro forma for the $1.5 billion, Aracruz's net debt-to-EBITDA ratio would rise to 3.8x.
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