Fitch ups Vivo to investment grade

Fitch Ratings said it upgraded Vivo Energy Ltd.'s long-term issuer default rating to BBB- from BB+. Fitch also raised the rating on the $350 million of 5 1/8% bond issued by Vivo Energy Investments BV due in 2027 to BBB- from BB+/RR4.

“The upgrade reflects the incorporation of a one-notch uplift for parental support to Vivo Energy's bb+ stand-alone credit profile (SCP). We assess the incentive to support by the ultimate majority parent Vitol Holding BV as low to medium in accordance with Fitch's parent and subsidiary linkage (PSL) rating criteria,” the agency said in a press release.

The outlook is stable.

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