Moody’s reviews Ultrapar

Moody's Investors Service said it placed Ultrapar Participacoes SA's Baa2 issuer rating on review for downgrade.

The action follows Moody's Dec. 9 action that placed Brazil's Baa3 issuer and bond ratings on review for downgrade.

The review process will focus on the result of Brazil's sovereign rating review and on Ultrapar's credit metrics, particularly profitability, leverage and interest coverage, as well as the company's liquidity and links with Brazil's macroeconomic environment.

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