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Moody's assigns Arantes notes B2
Moody's Investors Service said it assigned a B2 rating to Arantes Alimentos Ltda.'s proposed $150 million senior unsecured notes due in 2013, issued by Arantes International Ltd., but unconditionally and irrevocably guaranteed by Arantes, subject to closing.
Arantes's local currency corporate family rating was affirmed at B2, the agency said.
The outlook is stable.
"Arantes's B2 rating takes into account its initial high leverage, relative small size in terms of revenues and-scale, limited operational history and geographic diversification of its slaughterhouses compared to other Brazilian rated protein processors, as well as its high reliance on significant revenue and EBITDA increases in FY 2008 to reduce leverage and meet financial covenants," said Moody's vice-president senior analyst Soummo Mukherjee.
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