Fitch rates Independencia CCC, notes CC

Fitch Ratings said it assigned the following ratings to Independencia SA:

• National scale rating CCC(bra), local and foreign currency issuer default rating CCC and second-lien secured exchange notes CC/RR6; and

• Independencia International Ltd. with its proposed $150 million of senior secured notes due 2015 CCC/RR4.

The ratings are based on the expectation that Independencia will be successful in executing its restructuring plan with more than 80% of the ACC creditors agreeing to the proposed restructuring and that the company will be able to successfully exchange currently defaulted notes as well as issue new first-priority notes for $150 million, the agency added.

Proceeds of the proposed secured notes will be used to pay cattle raisers, suppliers, working capital needs, pending acquisitions and creditors out of the recuperacao judicial process, Fitch noted.

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