Fitch maintains Ferronorte's 5th promissory notes issue rating
Bnamericas Published: Wednesday, August 18, 2004
Fitch Atlantic Ratings has maintained its CCC(bra) national long term rating on a fifth promissory notes issue by Brazilian rail operator Ferronorte for 180mn reais (US$60mn), Fitch announced. The rating is due to - among other factors - the elevated debt volume of Ferronorte's controller rail holding Brasil Ferrovias, said Fitch, adding the outlook is stable. Brasil Ferrovias controls Ferronorte that was awarded a 90-year concession in 1989 to build and operate 5,000km of railroad network to transport cargo between Cuiaba (Mato Grosso state), Uberlandia, Uberaba (Minas Gerais), Aparecida do Taboado (Mato Grosso do Sul), Porto Velho (Rondonia) and Santarem (Pará). To read Fitch's full report (in Portuguese) paste the following link in your browser: www.bnamericas.com/cgi-bin/getresearch?report=118299_DebênturesdaFerronorte.pdf&id_documento=53225&id_idioma=P
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