S&P gives Jalles Machado notes brAAA

S&P said it assigned its brAAA national scale issue-level rating to Jalles Machado SA's planned fifth senior unsecured debenture. The amount of the proposed issue is currently R$400 million Brazilian, and it could increase to R$500 million. The final maturity would be in 2034.

The recovery rating for the notes is 3, indicating recovery of recovery in the 50%-70% range (rounded estimate: 65%) for creditors in a hypothetical default.

The ratings align with those on Jalles’ outstanding unsecured debentures.

Jalles will use the proceeds exclusively for investments and expenses related to the improvement of its sugarcane fields.

The outlook is stable.

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