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Fitch rates OAS notes B+
Fitch Ratings said it assigned a B+ rating to OAS Investments GmbH's $350 million reopening senior unsecured notes due 2019 with a recovery rating of RR4.
The notes are unconditionally guaranteed by OAS SA, Construtora OAS SA and OAS Investimentos.
The proceeds will be used to extend debt-maturity profile.
OAS Investments has a long-term foreign-currency issuer default rating of B+, long-term local-currency issuer default rating of B+, long-term national rating of BBB+(bra) on its R$300 million third debenture issue due in December 2016, long-term national rating of BBB+(bra) on its fourth debenture issue of BRL250 million due in January 2027, long-term national rating of BBB+(bra) on its fifth debenture issue of R$300 million due in May 2015 and a long-term national rating BBB+(bra).
Construtora OAS has a long-term foreign-currency issuer default rating of B+, long-term local-currency issuer default rating of B+ and long-term national rating of BBB+(bra).
OAS Finance Ltd. has a long-term foreign-currency issuer default rating of B+ and B+ rating on its senior unsecured bond with a recovery rating of RR4.
OAS Empreendimentos SA has a long-term national rating of BBB-(bra) and a long-term national rating of BBB+(bra) rating on its R$60 million second debenture issue due in July 2014.
The outlook is stable.
The ratings reflect the strong expertise and the position of the OAS group as one of the five largest contractors in the domestic civil construction sector by revenues, Fitch said, and its long track record in engineering and heavy construction in Brazil.
The ratings also consider the backlog concentration in some large works, along with the volatility inherent to the construction sector, the agency said.
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