Fitch rates MC Brazil, notes BB-

Fitch Ratings said it assigned MC Brazil Downstream Participacoes SA first-time BB- long-term foreign and local currency issuer default ratings. Fitch also gave a BB- rating to the planned $1.8 billion of senior secured notes to be issued by MC Brazil Downstream Trading Sarl and guaranteed by MC Brazil Downstream Participacoes.

“MC Brazil's ratings reflect the company's competitive geographic location in Brazil's north-east region as well as its large processing capacity, albeit a single site, and medium complexity rating of 7.7 (according to Petrobras). The ratings are further supported by the expected leverage metrics, which should average 1.9x over the next five years, and resilient debt service coverage ratios,” Fitch said in a press release.

The outlook is stable.

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