Fitch to rate Prumopar notes BB

Fitch Ratings said it expects to assign a BB rating to the fixed-rate senior secured notes for up to $350 million to be issued by Prumo Participacoes e Investimentos SA (Prumopar).

The outlook is stable.

“The rating reflects Prumopar's stable cash flow, derived from distributions from Ferroport Logistica Comercial Exportadora SA,” the agency said in a news release.

“Ferroport benefits from a long term take-or-pay (ToP) agreement with a creditworthy counterparty and is a strategic asset for Anglo American plc as the sole export terminal for the iron ore produced by its Brazilian subsidiary's mines in Minas Gerais state.”

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