PARIS (Dow Jones) – Standard & amp; Poor’s maintained its rating of “BBB +” credit, with a “stable” outlook on the debt Edenred announced Friday the financial rating agency.
S & amp; P has maintained its rating on the service issuer of securities despite the worsening economic situation in Brazil, which will generate nearly a third of revenues and cashflows Edenred once its acquisition of Embratec finalized.
The US agency recently lowered its rating on Brazil’s sovereign debt to “BB” with a prospect still “negative”.
“Because Edenred income and costs are both made locally, the translation of the Euro group mostly affects its net debt and not the profitability of local activities,” said the credit rating agency in a statement.
A credit rating “BBB +” reflects the actual quality lower average debt, according to Standard & amp nomenclature; Poor’s. This is the group’s debt three notches above speculative grade.
-Ambroise Ecorcheville, Dow Jones Newswires; +33 (0) 1 40 17 17 71; ambroise.ecorcheville@wsj.com ed: ECH
Dow Jones Newswires
March 11, 2016 6:35 ET (11:35 GMT)
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