S&P rates Odebrecht notes BBB-

Standard & Poor's said it assigned its global scale BBB- debt ratings to Odebrecht Finance Ltd.'s proposed up to $500 million senior unsecured notes due 2025 and R$500 million due 2018.

Odebrecht Finance is a financing vehicle for Construtora Norberto Odebrecht SA, which unconditionally and irrevocably guarantees both notes.

S&P said it expects the company to use the proceeds from the notes primarily to refinance its existing debt. The real-denominated notes will have its payments made in dollars.

The agency continues to assess Construtora Norberto's business risk profile as "satisfactory," based on the company's strong position in the E&C market, a solid and well-diversified backlog and sound operating track record.

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