JSL holding company falls short of investment grade

JSL holding company falls short of investment grade

Bonds Debt Capital Markets Fixed Income Brazil

S&P Global Ratings has assigned a BB- rating to Brazil's Simpar, three steps short of investment grade, and downgraded its recently included subsidiary, logistics operator JSL, to B+ from BB-, according to a ratings report from August 6. JSL approved a corporate reorganization plan on August 5 and became a wholly-owned subsidiary of Simpar with a reduced scope and higher debt levels, according to S&P. "We expect that the group will look to expand the focus of each of its subsidiaries thr

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