October 26, 2009
S&P has upgraded Ultrapar to BBB minus and its local ratings to brAAA t
S&P has upgraded Ultrapar to BBB minus and its local ratings to brAAA thanks to a series of acquisitions and debt financings that bolstered its capital structure, says the agency. The previous rating was BB+. “The action reflects the greater diversification Ultrapar has achieved in the fuel distribution sector, recently boosted by the acquisition of Texaco in Brazil,” says S&P. Moody’s upgraded Ultrapar to Baa3 in 2008.