Fitch: Odebrecht notes BBB-

Fitch Ratings said it assigned a BBB- rating to Odebrecht Finance Ltd.'s proposed $450 million add-on issuance of 7.125% senior notes. The issue is a reopening of the company's notes due 2042 to new and existing investors.

The notes are unconditionally guaranteed by Construtora Norberto Odebrecht SA. According to Fitch, the guarantee will rank pari passu with other senior guaranteed notes of the company.

The outlook is stable.

The agency said Construtora Norberto's investment-grade ratings reflect its conservative financial profile, excellent track record of operations and leading position in the engineering and construction sector in Latin America.

The ratings also incorporate the company's margins resilience, its success in raising funds to lengthen its comfortable debt amortization profile and Fitch's expectation that it will maintain a conservative capital structure and strong liquidity for the next few years.

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