May 20, 2022
Fitch Ratings has downgraded Brazilian waterways logistics company Hidrovias do Brasil to BB- from BB on higher-than-expected debt levels in the medium term.
"Even incorporating recent operating cash flow improvements, Fitch forecasts net leverage of 4.7x and 4.2x during 2022 and 2023, respectively," the rating agency said in a report on Thursday, adding that Hidrovias' debt levels peaked at seven times EBITDA in 2021.
In addition, limited financial flexibility and looming contract renegotiation
Rating agency cuts the Brazilian waterways logistics company to BB-