Fitch upgrades Unidas

Fitch Ratings said it raised its national ratings on Unidas Locacoes E Servicos SA and its senior unsecured notes to AA(bra) from AA-(bra). The agency affirmed Unidas’ issuer default rating at BB-.

“The national scale rating upgrade reflects the strengthening of the company's credit profile within the BB- IDR, due to its strengthened scale, business position and client base as a result of the business combination of Unidas and Unidas Locadora SA (Unidas RaC),” Fitch said in a press release.

“Fitch projects that the compound annual growth rate for total fleet and net rental revenue will be around 4% and 10%, respectively, during the 2023-2026 period. For 2023, Fitch forecasts pro forma net rental revenue at R$3.2 billion and a total fleet of 114 thousand vehicles at YE, reaching R$3.8 billion and 116 thousand in 2024,” the agency added.

The outlook is stable.

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