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Fitch upgrades Eldorado to BB

Fitch upgrades Eldorado to BB

March 17, 2023
Brazilian pulp producer has lowered debt while Paper Excellence and J&F wrangle over control

Credit Ratings Upgrade Fitch Ratings Debt Debenture Capital Markets Brazil Canada

Fitch Ratings said Thursday that it upgraded Brazilian pulp producer Eldorado Brasil Celulose by one notch to BB with a stable outlook after Canada's Paper Excellence won arbitration case against J&F Investimentos. J&F agreed to sell Eldorado to Paper Excellence for BRL15 billion ($2.86 billion) in September 2017, but it called off the deal in September 2018 and held on to a 50.6% stake. Paper Excellence won an arbitration case in February 2021 to buy the remaining 50.6% of Eldorado, and

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