Fitch lowers Brazilian corporates

Fitch Ratings said it downgraded the long-term foreign currency issuer default ratings of several Brazilian corporates following the Feb. 23 downgrade of the sovereign's long-term foreign currency issuer default rating to BB- from BB and country ceiling to BB from BB+.

The outlook on the sovereign and the Brazilian corporates that were downgraded is stable.

The following were downgraded:

• Ache Laboratorios Farmaceuticos SA: Foreign currency issuer default rating downgraded to BB from BB+, outlook revised to stable from negative; local currency issuer default rating affirmed at BBB, stable;

• BR Malls Participacoes SA: Foreign currency issuer default rating downgraded to BB from BB+, outlook revised to stable from negative; local currency issuer default rating affirmed at BB+, positive;

• Centrais Eletricas Brasileiras SA (Eletrobras): Foreign currency issuer default rating downgraded to B+ from BB-, outlook revised to stable from negative; local currency issuer default rating downgraded to B+ from BB-, outlook revised to stable from negative; and senior unsecured debt rating downgraded to B+/RR4 from BB-;

• Furnas Centrais Eletricas SA: Foreign currency issuer default rating downgraded to B+ from BB-, outlook revised to stable from negative; local currency issuer default rating downgraded to B+ from BB-, outlook revised to stable from negative;

• Cosan SA Industria e Comercio: Foreign currency issuer default rating downgraded to BB from BB+, outlook revised to stable from negative; local currency issuer default rating affirmed at BB+, stable;

• Cosan Overseas Ltd.: Senior unsecured debt rating downgraded to BB from BB+;

• Cosan Luxembourg SA: Senior unsecured debt rating downgraded to BB from BB+;

• Companhia de Gas de Sao Paulo: Foreign currency issuer default rating downgraded to BB from BB+, outlook revised to stable from negative; local currency issuer default rating affirmed at BBB-, stable;

• Energisa Paraiba - Distribuidora de Energia SA: Foreign currency issuer default rating downgraded to BB from BB+, outlook revised to stable from negative; local currency issuer default rating affirmed at BB+, stable;

• Energisa Sergipe - Distribuidora de Energia SA: Foreign currency issuer default rating downgraded to BB from BB+, outlook revised to stable from negative; local currency issuer default rating affirmed at BB+, stable;

• Energisa Minas Gerais - Distribuidora de Energia SA: Foreign currency issuer default rating downgraded to BB from BB+, outlook revised to stable from negative; local currency issuer default rating affirmed at BB+, stable;

• Engie Brasil Energia SA: Foreign currency issuer default rating downgraded to BB from BB+, outlook revised to stable from negative; local currency issuer default rating downgraded to BBB- from BBB, outlook revised to stable from negative;

• Globo Comunicacao e Participacoes SA: Foreign currency issuer default rating downgraded to BB+ from BBB-, outlook revised to stable from negative; Local currency issuer default rating affirmed at BBB+, stable; and senior unsecured debt rating downgraded to BB+ from BBB-;

• Localiza Rent a Car SA: Foreign currency issuer default rating downgraded to BB from BB+, outlook revised to stable from negative; local currency issuer default rating affirmed at BBB-, stable;

• MRS Logistica SA: Foreign currency issuer default rating downgraded to BB from BB+, outlook revised to stable from negative; local currency issuer default rating affirmed at BBB-, stable;

• Petroleo Brasileiro SA (Petrobras): Foreign currency issuer default rating downgraded to BB- from BB; outlook revised to stable from negative; local currency issuer default rating downgraded to BB- from BB; outlook revised to stable from negative;

• Petrobras Global Finance BV: Senior unsecured debt rating downgraded to BB- from BB;

• Rede D’Or Sao Luiz SA: Foreign currency issuer default rating downgraded to BB from BB+; outlook revised to stable from negative; local currency issuer default rating affirmed at BBB-, stable;

• Rede D’Or Finance Sarl: Senior unsecured debt rating downgraded to BB from BB+; and

• Transmissora Alianca de Energia Eletrica SA: Foreign currency issuer default rating downgraded to BB from BB+; outlook revised to stable from negative; local currency issuer default rating downgraded to BBB- from BBB; outlook revised to stable from negative.

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