Moody's might lower GVO

Moody's Investors Service said it placed Agropecuaria Nossa Senhora do Carmo SA's B3 corporate family rating and Virgolino de Oliveira Finance Ltd.'s (GVO) B3 senior unsecured notes ratings under review for downgrade.

The review process will focus on the company's ability to refinance short-term debt maturities and on the maintenance of adequate liquidity to support operations during the 2014/2015 harvest.

"Placing GVO's ratings under review for downgrade reflects the company's weak liquidity profile and Moody's concerns regarding the refinancing of its short term debt," Moody's assistant vice president and lead analyst for the company, Erick Rodrigues, said in a news release.

"The review process will focus on GVO's ability to extend debt profile, while maintaining a minimum liquidity cushion to support operations in the next harvest year."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.