Fibria Celulose had its foreign and local currency IDR rating of BB and national long-term rating of A+ placed on rating watch positive by Fitch. The ratings agency has also placed the Brazilian pulp and paper company’s overseas foreign currency IDR rating of BB on rating watch positive. The move follows Fibria’s announcement Tuesday of the sale of a 50% stake in Conpacel for BRL1.5bn. Fitch expects the proceeds to be applied to the company’s debt reduction plan. As of September 30, the company reported total debt of BRL12.3bn and a net debt/Ebitda ratio of 4.0x.