Moody’s cuts Eldorado Brasil Celulose

Moody’s Investors Service said it downgraded to B2 from B1 the corporate family rating of Eldorado Brasil Celulose SA.

“The downgrade to B2 reflects Eldorado’s high refinancing risk at a time of deterioration in financial markets conditions. As of December 2019, Eldorado had about R$5.1 billion ($1.1 billion), or 75% of its total debt, due until the end of 2021. Part of this amount has already been refinanced and is represented by export-related lines that are typically renewed at maturity, but also by its $350 million senior unsecured notes due in June 2021,” said Moody’s in a press release.

The outlook is stable.

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