Moody’s rates Ultrapar notes Ba1

Moody's America Latina said it assigned an Aaa.br national scale rating to Ultrapar Participacoes SA.

At the same time, Moody's Investors Service affirmed the Ba1 corporate family rating assigned on its global scale to Ultrapar and also affirmed the Ba1 rating assigned to $750 million senior unsecured notes due 2026 issued by Ultrapar International SA, irrevocably and unconditionally guaranteed by Ultrapar and by Ipiranga Produtos de Petroleo SA

The outlook is negative.

Moody’s said the ratings reflect primarily Ultrapar's solid business model, low risk profile, stable cash flows and leading position in different segments. Over the past few years the company demonstrated its ability to post robust growth across all business lines and to sustain conservative credit metrics and strong cash generation even under adverse market conditions and sizable investment plan, the agency added.

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