Moody's rates CCR, notes Ba1

Moody's Investors Service said it assigned global scale issuer ratings of Ba1 and Brazilian national scale ratings of Aa2.br to CCR SA, along with a Ba1 global scale local-currency rating and national scale Aa2.br rating to up to R$2 billion in senior unsecured debentures to be issued by Concessionária Rodoanel Oeste SA, which are 95% guaranteed by CCR and 5% guaranteed by Encalso Construções Ltda.

The outlook is stable.

The debentures will be issued in three series with maturity dates in three, four and five years. The proceeds will be used to replace more expensive debt outstanding in the balance sheet of Rodoanel Oeste and eliminate its foreign-currency debt exposure, Moody's said.

The ratings reflect its parent company position of one of Brazil's largest toll-road concession groups, the agency said. It holds a diversified portfolio of long-term operating toll road concessions that are strategically located in some of the most well-developed and economically robust regions of the country, Moody's added.

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