Fitch rates Odebrecht notes BB+

Fitch Ratings said it assigned a BB+ rating to Odebrecht Finance Ltd.'s $300 million 10-year senior unsecured notes.

The outlook is stable.

Proceeds will be used for investments, working capital and other corporate purposes at Odebrecht Investimentos em Infra-estrutura Ltda. Odebrecht Oleo e Gas Ltda. and Odebrecht Empreendimentos Imobiliarios Ltda.

Fitch said the rating is based on the underlying credit quality of its parent company as well as its geographical and project diversification, low leverage and solid liquidity.

The company's total debt-to-operating EBITDA ratio dropped to 1.9 times for the 12 months ended June from 3.3 times.

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