Fitch lifts Ouro Verde

Fitch Ratings said it upgraded Ouro Verde Locacao e Servico SA's long-term foreign and local currency issuer default ratings to B, from RD.

Fitch also upgraded the company's national scale rating and its seventh debenture issuance to BBB(bra) from RD(bra).

The outlook is positive.

“The upgrade reflects Ouro Verde's improved financial profile following Brookfield's acquisition of 100% of the issuer's shares and it R$500 million capital injection, as well as the completion of the company's debt restructuring, which led to lengthening of the company's debt maturities through 2034, and lower interest rate,” the agency said in a news release.

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