Fitch Upgrades ALL Ratings

Fitch has upgraded the ratings of Brazil-based America Latina Logistica (ALL) and its subsidiaries and kept the outlook stable. The IDR of ALL was lifted to B+ from BB minus and its fifth and sixth debenture issues were upgraded to A minus from BBB+. Meanwhile, the third debenture issue ratings of subsidiary ALL Malha Sul went to A minus from BBB+, the sixth debenture issue ratings of ALL Malha Norte were upgraded to A minus from BBB+. The same action was taken with ALL Malha Paulista’s first debenture. Fitch says the upgrade is supported by the company’s strengthened financial profile following the successful capital injection of BRL1.29bn in November. The rating agency expects that the strong liquidity position of BRL2.2bn in cash and marketable securities at the end of September 2009 should be significantly strengthened as a result of ALL’s successful capital injection.