Moody's rates Camil notes Ba3

Moody's Investors Service said it assigned a Ba3 foreign-currency rating to Camil Alimentos SA's proposed $150 million senior unsecured notes issuance. The issuer of the notes is Camil Finance and the notes are unconditionally guaranteed by Camil.

The outlook is stable.

"Camil's Ba3 rating reflects its strong market position and leading brands in the Brazilian rice and beans market and its relatively stable operating margins," Moody's vice president Soummo Mukherjee said in a written statement.

The rating also incorporates Camil's nationwide distribution network and the geographic diversification of its raw material sourcing and production, the agency said.

Camil's rating is principally constrained by its relatively narrow product portfolio and its limited consolidated track record after the acquisition of Saman, Moody's noted.

The issuer's net debt-to-EBITDA ratio is below 3.5 times.

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