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S&P gives Movida Participacoes B+
S&P said it assigned Movida Participacoes SA a B+ issuer rating.
The company plans to sell senior unsecured notes, and S&P said it expects the proceeds to be used to expand Movida’s rental car fleet. “Still, the likely higher cash flows should compensate for the higher debt over the next few years,” the agency said in a press release.
S&P also affirmed the brAA ratings on Movida and its senior unsecured local debentures. The agency also kept the 3 recovery rating (65%) on them unchanged.
The outlook is stable. S&P said it forecasts Movida to post EBIT interest coverage at 2x-2.6x and funds from operations (FFO) to debt of 15%-20% in 2021 and 2022.
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