Fitch: Fibria up to positive

Fitch Ratings said it has affirmed the foreign and local currency issuer default ratings of Fibria Celulose SA at BB+, while also affirming the national-scale rating at AA-(bra).

In conjunction with these affirmations, Fitch said it has also affirmed the foreign currency issuer default rating of Fibria Overseas Finance Ltd. at BB+, as well its 2019, 2020 and 2021 guaranteed notes.

The outlooks for Fibria and Fibria Overseas have been revised to positive from stable.

According to the agency, the revision of the outlooks to positive is a result of aggressive actions by Fibria's management that led to a reduction in the company's net debt to $3.7 billion as of Dec. 31 from $5.9 billion as of Dec. 31, 2010.

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