Fitch rates Credivalores notes B+

Fitch Ratings said it assigned an expected rating of B+/RR4 to Credivalores - Crediservicios SAS' senior notes. The dollar-denominated notes will be issued for an amount of about $320 million at a fixed-interest rate to be set at the time of the issuance.

The tenor of these notes is yet to be determined. The proceeds will be used to facilitate the prepayment of senior debt due 2022, and any remaining funds are expected to be used for repayment of other debt or general corporate purposes. Interest payments will be made semi-annually. Fitch said it believes this issuance will not significantly increase tangible leverage given that the vast majority of the issuance is for debt substitution at more favorable terms.

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