Fitch might lower Eldorado Brasil

Fitch Ratings said it placed Eldorado Brasil Celulose SA's B+ long-term foreign and local currency issuer default rating and BBB+(bra) national scale long-term rating on Rating Watch Negative (RWN).

The agency also placed the B+/RR4 rating for the 2021 notes issued by Eldorado International Finance GmbH, and guaranteed by Eldorado and Cellulose Eldorado Austria GmbH, on negative watch.

Fitch said the negative watch reflects the risk Eldorado's debt could be accelerated if it is not able provide year-end audited financial statements by April 30. If Eldorado is able to publish its audited financial statements by this deadline the RWN will likely be removed and a negative rating outlook will be assigned to reflect the challenging refinancing conditions the company faces due to the continued uncertainty caused by various investigations.

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