Fitch rates Eldorado Brasil B+

Fitch Ratings said is published Eldorado Brasil Celulose SA's long-term foreign-currency issuer default ratings at B+, long-term local-currency issuer default rating of B+ and long-term national scale rating of BBB+(bra).

The outlook is stable.

The ratings reflect Eldorado's stronger cash flow due to the depreciation of the Brazilian real during 2015, which accelerated the deleveraging of the company's balance sheet, Fitch said.

The ratings consider that Eldorado will likely enter into a new investment cycle and leverage will temporarily increase during 2017 and 2018, the agency said.

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