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Markets - Brazil - Fitch Downgrades ALL's Ratings
RIO DE JANEIRO, RJ,Brazil -BUSINESS WIRE (Chicago,Ill,USA) -June 22, 2006: -- Fitch downgrades the following ratings for America Latina Logistica S.A. (ALL): ... Rating actions are the result of the increased debt to be assumed by ALL in the proposed BRL1.4 billion acquisition of Brasil Ferrovias S.A. (Brasil Ferrovias) and its affiliate Novoeste Brasil S.A. (Novoeste). The acquisition has been approved by Brazil's national surface transportation agency, Agencia Nacional de Transportes Terrestres (ANTT), and is expected to be completed by the end of the month. Payment will be made using ALL's common and preferred shares such that the transaction will result in no new debt issuances at the ALL holding company and operating subsidiary levels. However, the acquisition of higher leveraged Brasil Ferrovias and Novoeste will significantly increase consolidated leverage and should negatively affect the overall credit quality of ALL...
posted by Unknown @ 10:37 AM
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