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Fitch Affirms Camargo Correa IDR at 'BB' & Upgrades National Rtg to 'AA-(bra)'.

Publication: Business Wire
Publication Date: 26-NOV-07 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
NEW YORK -- Fitch Ratings has affirmed the foreign currency and local currency Issuer Default Ratings (IDRs) of Camargo Correa S.A. (Camargo) at 'BB'. Fitch has also affirmed the 'BB' rating on the US$250 million senior unsecured bonds due 2016 issued by CCSA Finance Limited (a special-purpose vehicle wholly-owned by Camargo and incorporated in the Cayman Islands), which is unconditionally guaranteed by Camargo. In addition, Fitch has also upgraded Camargo's national debt rating to 'AA-(bra)' from 'A+(bra)'. The Rating Outlook is Stable.

The ratings affirmation and national scale ratings upgrade reflect the improving Brazilian economic environment which has begun to favorably impact much of Camargo's businesses, particularly in its cement and engineering and construction businesses. Camargo's core businesses of cement, engineering and construction, textiles and footwear are highly correlated...

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