S&P rates Rumo notes brAA+

S&P said it assigned its national scale brAA+ rating to Rumo SA's R$500 million unsecured debentures due 2029.

The agency also said it raised the rating on Rumo Luxembourg Sarl's 2025 senior unsecured notes to BB- from B+ following the revision of the recovery rating on this debt to 4 from 5.

S&P also said it affirmed the BB- rating on Rumo Luxembourg's 2024 senior unsecured notes.

The recovery rating of 3 on this debt is unchanged.

S&P said it believes Rumo has been successfully implementing its investment plan in recent years, which expanded the company's transportation capacity and allowed for infrastructure improvements.

Rumo should continue adding capacity while improving its operating efficiency, which will translate into continued EBITDA growth in 2019, the agency added.

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