S&P rates JSL debenture brAA+

S&P said it assigned its brAA+ national scale issue-level rating to JSL SA's (global scale: BB-/stable/--; national scale: brAA+/stable/--) proposed 13th senior unsecured debentures issuance of up to R$450 million due 2024 and 2026.

The rating is at the same level as the national scale issuer credit rating on JSL.

S&P also assigned the recovery rating of 3 to the proposed debentures, which indicates a recovery expectation of 60%.

“The company will use the cash proceeds primarily for liability management and working capital needs, therefore, we don't expect the proposed issuance to significantly impact the company´s leverage level,” S&P said in a news release.

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