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Published on 11/14/2017 in the Prospect News Emerging Markets Daily.

Fitch upgrades Cielo, notes to BBB-

Fitch Ratings said it upgraded Cielo SA’s foreign currency issuer default rating to BBB- from BB+.

The outlook is negative.

The agency also upgraded the senior unsecured notes for Cielo's wholly owned subsidiary, Cielo USA Inc., to BBB- from BB+.

At the same time, Fitch affirmed Cielo's local currency issuer default rating at BBB-/negative and the national scale rating at AAA(bra)/stable.

Fitch said the negative outlook for the foreign and local currency issuer default ratings reflects the negative outlook on Brazil's sovereign ratings, which led to negative outlooks for the three banks that are key to its relationships and distribution network: Banco do Brasil, Banco Bradesco and Caixa. These banks also are the counterparty risk for a substantial portion of its Visa related transactions.


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