Home | Business News | Browse by Publication | B | Business Wire

Fitch Revises Camargo Correa's Rating Outlook to Positive; Affirms 'BB' IDR.

Article Excerpt
NEW YORK -- Fitch Ratings has affirmed the Issuer Default Rating (IDR) and outstanding debt ratings of Camargo Correa (Camargo) as follows:

--Foreign currency IDR 'BB';

--Local currency IDR 'BB';

--National Scale rating 'AA-(bra)'.

CCSA Finance Limited

--US$250 million senior unsecured bonds due 2016 'BB'

CCSA Finance Limited is a special-purpose vehicle wholly-owned by Camargo and incorporated in the Cayman Islands), unconditionally guaranteed by Camargo. Fitch has also revised Camargo's Rating Outlook to Positive from Stable.

The Outlook revision to Positive reflects the improved Brazilian economic environment which has favorably affected much of Camargo's businesses, particularly in its cement, engineering and construction businesses. Additionally, it reflects increased diversity of revenues and cash flows across industry and geography, lower leverage and better debt-service coverage ratios. The Positive Outlook also incorporate Fitch's expectation of...

View this article FREE - Now for a Limited Time, try Goliath Business News
Free for 3 Days!