Moody’s Rates Editora Abril

Moody’s has assigned a Ba3 local currency rating and an A3 Brazil national scale rating to publishing house Editora Abril with a stable outlook. Abril’s ratings are supported by improving leverage and coverage ratios, and sustainable growth in Brazil’s advertizing market, Moody’s said. The agency identifies negative factors including the cyclical nature of advertising, seasonality of business and a complicated ownership structure.