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Fitch Revises Camargo Correa's Outlook to Negative; Affirms IDR at 'BB'.

Publication: Business Wire
Publication Date: 13-FEB-09
Format: Online
Delivery: Immediate Online Access

Article Excerpt
NEW YORK -- Fitch Ratings has affirmed the Issuer Default Rating (IDR) and outstanding debt ratings of Camargo Correa (Camargo) and its special-purpose vehicle CCSA Finance Limited as follows:

--Foreign currency IDR at 'BB';

--Local currency IDR at 'BB';

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

CCSA Finance Limited

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

CCSA Finance Limited is a special-purpose vehicle wholly-owned by Camargo and incorporated in the Cayman Islands. Its debt is unconditionally guaranteed by Camargo.

The affirmation of Camargo's ratings follow the company's recent decision to acquire Votorantim's 50% stake in VBC Energia for BRL2.6 billion. This transaction, which is expected to be completed...

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