Moody’s downgrades Eldorado Brasil Celulose

Moody’s Investors Service said it downgraded to B1 from Ba3 the corporate family rating of Eldorado Brasil Celulose SA. The outlook is stable.

The rating’s downgrade to B1 reflects heightened liquidity risk given the concentration of debt maturities in the next 12 to 24 months. As of September, Eldorado had about R$5.8 billion due until the end of 2022 (including the prepayment of the R$1.2 billion debentures in 2019’s fourth quarter). Part of this is represented by export-related lines that are typically renewed at maturity, but also by its $350 million of senior unsecured notes due in June 2021.

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