Fitch puts Fibria Celulose on positive watch

Fitch Ratings said it placed Fibria Celulose SA's foreign and local-currency issuer default rating of BB and national long-term rating of A+(bra) on Rating Watch positive.

Fitch also said it placed wholly owned subsidiary Fibria Overseas Finance Ltd.'s foreign-currency issuer default rating of BB on Rating Watch positive.

The positive watch follows news of Fibria's sale of its 50% stake in the consortium Conpacel - Consorcio Paulista de Papel e Celulose (Conpacel) to Suzano Papel e Celulose SA for R$1.5 billion, Fitch said.

The agency said it expects these proceeds to be applied by Fibria to accelerate its debt reduction plan.

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