Moody’s Ponders Bolivia’s Gravetal Upgrade

Moody has put Bolivian soy processor Gravetal on review for possible upgrade. Ratings affected include Gravetal ‘s Caa1 senior unsecured rating on $46m in notes issued in Bolivia’s domestic debt market. Moody’s action follows the announcement that 99% of the shares in Gravetal have been acquired by Sociedad Inversiones de Capital Inversoja, a company controlled by Monomeros Colombo Venezolanos, a fertilizer and chemicals firm owned by Venezuelan state-owned Pequiven. “The review will focus on the impact the acquisition will likely have on Gravetal’s credit profile including potential support that its parent company might provide to Gravetal,” Moody’s says. In June, Monomeros purchased 77.5% of Gravetal for an undisclosed amount. Prior to the acquisition, Gravetal was a small family-owned company, Moody’s says. Santa Cruz-based Gravetal produces crude soybean oil and other soy-based products.