Fitch assigns Amaggi BB

Fitch Ratings said it assigned Andre Maggi Participacoes SA (Amaggi) first-time BB long-term foreign-and local-currency issuer default ratings and a national rating of AA+(bra). The outlook is stable. Also, Fitch assigned a BB senior unsecured debt rating to the senior unsecured bond to be issued by Amaggi Luxembourg International Sarl and guaranteed by Amaggi, Agropecuaria Maggi Ltda. and Amaggi Exportacao e Importacao Ltda.

“The company’s ratings reflect Amaggi’s strong business profile as a leading vertically-integrated agribusiness company in Brazil. The ratings also factor in Amaggi’s moderate scale, and a substantial concentration of revenues in its agribusiness and commodity segments,” Fitch said in a press release.

Note proceeds will be used to refinance debt and for sustainable projects.

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