Fitch ups Ouro Verde national rating

Fitch Ratings said it affirmed Ouro Verde Locacao e Servico SA's long-term foreign and local currency issuer default ratings at BB- and upgraded its long-term national scale rating to A+(bra) from A(bra).

The outlook for the foreign and local currency issuer default ratings was revised to stable from negative, while the outlook for the long-term national scale rating was revised to positive from negative.

The upgrade of the national scale rating follows the strengthening of Ouro Verde's credit profile within the BB- rating level, following the Brookfield Business Partners LP acquisition of 55% of Ouro Verde's shares and voting rights for R$660 million, from which R$500 million will represent a capital increase, Fitch said.

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