Fitch turns MV24 outlook to stable

Fitch Ratings said it changed its outlook for MV24 Capital BV to stable from negative and affirmed its senior secured notes at BB+.

The stable outlook reflects a detailed study of vessel performance over the last year and the alignment of the outlook with Brazil’s, the agency said.

“The operating environment in Brazil continues to limit the uplift over Brazil's issuer default rating (IDR) of BB-/outlook stable by two notches. According to Fitch's structured finance country risk criteria, this limit for Brazil can be up to three notches above the IDR, however, Fitch has tempered this to two notches due to Petrobras' status of being a state-owned enterprise and the potentially higher exposure to political interference and, therefore, at BB+ with a stable outlook,” the agency said in a press release.

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