Fitch gives Hidrovias do Brasil notes BB

Fitch Ratings said it assigned an expected rating of BB(EXP) to Hidrovias do Brasil SA's proposed unsecured notes to be issued through its fully owned subsidiary Hidrovias International Finance Sarl.

The notes will be fully guaranteed by Hidrovias do Brasil.

The total amount for the proposed issuance will depend on market conditions, while its tenor is already defined as bullet/seven-year due in 2025.

Proceeds are expected to be used primarily to refinance debt and for general corporate purposes.

Hidrovias do Brasil’s current long-term issuer default rating is BB with a stable outlook.

Fitch said the ratings incorporate the company’s stable cash flow generation, which reflects the majority of its EBITDA being generated under long-term take-or-pay contracts.

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