Moody's ups Minerva, rates notes B1

Moody's Investors Service said it upgraded Minerva SA's ratings to B1 from B2.

At the same time, Moody's assigned a B1 rating to Minerva Luxembourg SA's proposed $500 million global notes due 2023

The proceeds will be used to prepay portion of its 2017, 2019 and 2022 bonds.

The outlook is stable.

The upgrade in Minerva's ratings reflects the improvement in the company's capital structure following the equity issuance of R$457 million in early December.

"As a result of the equity offering adjusted leverage is expected to decline meaningfully to about 4.5x at the end of 2012 as most of the proceeds were used to repay debt," Moody's analyst Marianna Waltz said in a news release.

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