Fitch puts Eldorado Brasil Celulose on negative watch

Fitch Ratings said it placed on Rating Watch negative Eldorado Brasil Celulose SA's long-term foreign- and local-currency issuer default ratings of BB- and the national long-term rating of A(bra).

Fitch has also placed on Rating Watch negative the BB- rating of the 2021 unsecured notes issued by Eldorado Intl. Finance GmbH, which are guaranteed by Eldorado and Cellulose Eldorado Austria GmbH.

The placement on Rating Watch negative reflects Eldorado's elevated refinancing risk due to the high uncertainties of the timing of the conclusion of the arbitration process between J&F and Eldorado's minority shareholder Paper Excellence, Fitch said.

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