Fitch affirms Cielo

Fitch Ratings said it affirmed Cielo SA's foreign and local currency issuer default rating at BB+ and its long-term national scale rating at AAA(bra).

The outlook is stable.

At the same time, Fitch affirmed the senior unsecured notes for Cielo's wholly owned subsidiary, Cielo USA Inc., at BB+.

“Cielo's ratings reflect the company's solid capital structure and financial flexibility and its proven capacity to generate strong and resilient cash flow in its business in different macroeconomic scenarios and increased competition,” the agency said in a news release.

“Cielo benefits from its leading position in the Brazilian card payment industry, which is supported by the growing and predictable revenue stream from a diversified base of affiliated merchants.”

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