Fitch: Odebrecht add-on BBB-

Fitch Ratings said Odebrecht Finance Ltd.'s reopened senior notes due in 2023 will carry the same rating as the original notes of BBB-.

The proceeds from the add-on issuance of $300 million senior notes will be used for general corporate purposes and equity investments during 2012.

The notes are unconditionally guaranteed by Construtora Norberto Odebrecht SA and the guarantee is ranked pari passu with other senior guaranteed notes of Odebrecht Finance, the agency said.

Construtora Norberto Odebrecht has a long-term foreign-currency issuer default rating of BBB-, local-currency issuer default rating of BBB- and long-term national scale rating of AA+(bra).

Odebrecht Finance has a long-term foreign-currency issuer default rating of BBB-, a BBB- rating on its $800 million senior guaranteed notes due April 2023, BBB- rating on its $750 million guaranteed perpetual bonds, BBB- rating on its $500 million senior guaranteed notes due April 2020, a BBB- rating on its $200 million senior guaranteed notes due April 2014 and BBB- rating on its two senior guaranteed notes of $200 million each due October 2017.

The outlook is stable.

The ratings reflect the company's conservative financial profile, excellent track record of operations and leading position in the engineering and construction sector in Latin America, Fitch said.

The ratings also consider the growth of its cash flow and backlog of projects along with the company's continued strong credit metrics, the agency said.

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