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Moody’s lowers Fibria Overseas notes to Ba1
Moody's Investors Service said it downgraded the ratings of the notes issued by Fibria Overseas Finance Ltd. and guaranteed by Fibria Celulose SA to Ba1 from Baa3.
At the same time, Moody's America Latina withdrew Fibria Celulose's issuer rating and assigned a Ba1 global scale and Aa1.br national scale corporate family rating.
The outlook for all ratings is negative.
Moody’s said the downgrade follows Brazil sovereign rating downgrade to Ba2 from Baa3.
Fibria's Ba1 rating still ranks one notch above Brazil's government bond rating of Ba2, which is granted only on an exceptional basis for issuers with fundamentals that are stronger than the sovereign. Despite Fibria's asset concentration in Brazil, the agency believes that it has a strong financial profile and good revenue diversification outside Brazil, which limits the impact of weak domestic economic fundamentals on the company's creditworthiness.
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