Fitch affirms Orbis

Fitch Ratings said it affirmed Orbis SA's national long-term rating at BBB+(pol), and changed the outlook for the national long-term rating to stable from negative.

The outlook change is driven by a reduction in Orbis's total adjusted net debt-to-EBITDAR to a moderate 1.7x in 2009 from a peak level of almost 2x in 2008, Fitch said.

The agency said it expects that Orbis will continue deleveraging, to reach below 1x at the end of 2011, due to the tight repayment schedule of its investment loan and ongoing cost-cutting initiatives that helped Orbis maintain its profitability in the first half of 2010, the agency said.

The rating also reflects increased financial flexibility, Fitch added.

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