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Moody’s downgrades Cielo
Moody’s Investors Service said it downgraded Cielo SA’s foreign currency senior unsecured rated debt to Ba1 from Baa2 and assigned a Ba1 corporate family rating to Cielo.
The outlook is negative.
The rating action follows Moody’s downgrade on Feb. 24 of Brazil’s government bond rating to Ba2 from Baa3. In addition to downgrading Brazil’s government bond rating, Moody’s also downgraded the country’s senior unsecured debt rating to Ba2 from Baa3 and the senior unsecured shelf rating to (P)Ba2 from (P)Baa3.
The outlook was changed to negative.
The rating agency also changed Brazil’s country ceiling to Ba1 from Baa2.
Ratings downgraded include Cielo SA’s $475 million 3¾% senior unsecured notes due 2022 to Ba1 from Baa2 and Cielo USA Inc.’s $400 million 3¾% senior unsecured notes due 2022 to Ba1 from Baa2.
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