S&P ups Unigel 2024 notes to BB-

S&P said it corrected the rating on Unigel Participacoes SA’s remaining 2024 senior secured notes by upgrading it to BB- from B+ and revised the outlook to stable from negative.

The agency affirmed the company’s B+ global scale issuer credit and senior unsecured issue-level and brAA national scale issuer credit ratings.

S&P said it now forecasts better sales volumes as a result of higher demand from some industries that Unigel supplies, including the construction and home appliances.

“We also forecast higher EBITDA than in 2019, given the real's sharp fall this year as well as cost-saving actions implemented during the pandemic, such as the temporary shutdown of less efficient operations,” the agency said.

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