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Fitch Places Invepar's Ratings on Rating Watch Negative

Dépèche transmise le 7 février 2012 par Business Wire

RIO DE JANEIRO--(BUSINESS WIRE)--Fitch Ratings has placed Investimentos e Participacoes em Infraestrutura S.A.'s (Invepar) 'BB-' foreign and local currency Issuer Default Ratings (IDRs) and its 'A (bra)' long-term national rating on Rating Watch Negative.

This rating action follows the announcement that the consortium led by Invepar (90% participation), in partnership with the South-African ACSA (10% participation), was awarded the best classification among the proposals submitted to the auction for Guarulhos (SP) airport concession, held on Feb. 6th. The consortium won the bid by offering BRL16.2 billion as granting value, with 373% goodwill against the minimum bid stipulated by the federal government. The granting payment shall be diluted into annual installments, for a 20-year term, same as the concession. Investments in the airport of around BRL4.6 billion are projected and the chronogram is being accelerated in view of the 2014 World Cup.

It is not possible yet to determine the magnitude of the impact such acquisition shall have on Invepar's credit profile. Fitch shall resolve the Rating Watch Negative as soon as it has access to the strategies and financing conditions to be used for the acquisition and obtains additional information on the expected operating cash generation and on the investments scheduled.

Fitch has considered a probable capital increase by Invepar shareholders, among which are the largest Brazilian pension funds, including Previ, Petros and Funcef. Current company's credit metrics are leveraged and weak considering its current rating. Debt issuance at relevant amounts on Invepar's holding level in order to support the ongoing transaction might lead to a several notches downgrade.

During the last 12 months ended on Sept. 30, 2011, Invepar reported consolidated leverage, measured by adjusted net debt/EBITDAR of 6.6 times. During that same period, Invepar reported total consolidated debt of BRL2.9 billion and cash and marketable securities of BRL478 million. In the holding company level the amounts were of BRL56 million and BRL516.9 million respectively.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Corporate Rating Methodology' (July 12, 2011);

--'Parent and Subsidiary Rating Linkage' (July 14, 2010);

--'National Ratings Criteria', (Jan. 19, 2011).

Applicable Criteria and Related Research:

Corporate Rating Methodology

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=647229

Parent and Subsidiary Rating Linkage

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=647210

National Ratings Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=595885

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Business Wire

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