RIO DE JANEIRO--(BUSINESS WIRE)--Fitch Ratings has withdrawn the expected rating of 'B' assigned to Globoaves Finance Ltd's (Globoaves Finance) USD200 million 2019 proposed senior unsecured notes issuance.
Globoaves Finance is a fully owned subsidiary of Globoaves Sao Paulo Agroavicola Ltda (Globoaves). The note would be fully guaranteed by Globoaves, Globoaves Biotecnologia Avicola Ltda. and Kaefer Agro Industrial Ltda.
The withdrawal of the rating follows unfavorable market conditions to sell the notes. As there is no set time frame for resuming the issuance process, no rating is required at this time. Fitch will provide investors with further information on the notes if and when the issuer resumes the sale process.
Fitch continues to rate Globoaves as follows:
--Foreign and local currency Issuer Default Ratings 'B';
--National scale long-term rating 'BBB(bra)'.
The Rating Outlook is Stable.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Corporate Rating Methodology' (May 28, 2014).
Applicable Criteria and Related Research:
Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=749393
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=876414
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