Brazil’s Globo Gets High Grade

Fitch has assigned foreign and local ratings of BBB minus (stable) to Brazilian media conglomerate Globo. The agency applied the rating to $325m in 9.375% perpetual notes issued in 2006 and $200m in 7.250% senior notes due 2022. “Globo’s credit ratings are supported by its strong business position and solid financial profile. Balanced against these credit strengths is the correlation of the company’s business with the Brazilian economy, increased competition and moderate regulatory risk.”