Fitch rates FS Luxembourg notes BB-

Fitch Ratings said it assigned a BB- rating to FS Luxembourg Sarl’s planned up to $500 million of senior unsecured notes due in 2031 that will be guaranteed by FS Industria de Biocombustiveis Ltda. and FS I Industria de Etanol SA.

The rating is consistent with the rating on FS Luxembourg’s 2025 notes.

The proceeds will be used to finance or refinance eligible green projects, including the concurrent exchange offer concerning any 2025 senior secured notes.

The outlook is stable.

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