S&P affirms Independência

Standard & Poor's said it affirmed its B long-term corporate credit rating on Independência SA.

At the same time, S&P said it affirmed its B rating on Independência's $225 million long-term international bonds due in 2017.

Independência's outstanding pro-forma debt by the end of fiscal 2007 ended Dec. 31 was $576 million, while cash and market securities amounted to $46 million, the agency said, adding that the outlook on the Independência's corporate credit rating was revised to positive from stable.

According to S&P, the rating action reflects its opinion that Independência's consistently higher-than-market-average operational efficiency, measured by its EBITDA margin, will allow the company to maintain adequate credit metrics, despite higher total debt in the current and next fiscal years.

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