S&P rates Canguru

Standard & Poor's said it assigned its preliminary BBB(br) Brazilian national-scale fund rating to Fundo de Investimento em Direitos Creditorios Canguru's up to Brazilian reais 40 million senior shares.

The agency said that the preliminary rating is based on the partial guarantee provided by the existing trade receivables of at least 50% of the fund's outstanding senior shares, the good quality and performance of the existing trade receivables underlying the senior shares as well as the dynamic reserve included in the fund's structure aimed at covering all credit risks of Canguru; s existing portfolio.

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