Fitch affirms, revises view on Eldorado Brasil to stable

Fitch Ratings said it affirmed Eldorado Brasil Celulose SA's Long-Term Foreign- and Local-currency issuer default ratings at BB- and the national long-term rating at A(bra). Fitch also affirmed the BB- rating of the 2021 unsecured notes issued by Eldorado International Finance GmbH, which are guaranteed by Eldorado and Cellulose Eldorado Austria GmbH. The outlook was revised to stable from positive.

“The revision of the rating outlook to stable reflects heightened refinancing risk associated with lower credit availability. Despite baseline interest rates at historically low levels, market volatility has led to tighter credit, which had negatively impacted banking lines, and increased funding cost as financial institutions more becoming more selective on credit,” Fitch said in a press release.

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