Fitch rates OAS Engenharia

Fitch Ratings said it assigned OAS Engenharia e Participacoes SA B foreign and local currency issuer default ratings and a BBB(bra) long-term national rating and its subsidiary Construtora OAS Ltda B+ foreign and local currency issuer default ratings and a BBB+(bra) long-term national rating.

The outlook is stable.

The ratings reflect the size, expertise and the position of the group as one of the five largest contractors in the domestic civil construction sector by revenues and its long track record in engineering and heavy construction in Brazil, Fitch said.

The ratings also incorporate increased consolidated leverage, combined with operational margins lower than the industry average; the exposure of its main business to the public sector; and the increased financing needs to support the group's business growth strategy, the agency said.

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