Rating agency Fitch has upgraded the debt ratings of logistics holding company Simpar (SIMH3) and the group's three listed subsidiaries: JSL (JSLG3), Movida (MOVI3) and Vamos (VAMO3). The company announced the change in a statement to the market released on Monday afternoon, 11.
Fitch Ratings raised Simpar's ratings from "AA-" to "AAA" on a national scale, and from "BB-" to "BB" on a global scale.
The ratings of the company's subsidiaries were also raised from "AA-(bra)" to "AAA(bra)" on a national scale and the ratings on a global scale of the subsidiaries JSL and Movida were also raised to "BB" - previously the rating was "BB-".
The agency justified the increase by evaluating as positive the "continuous strengthening of the scale, business profile and presence and competitive position of Simpar's ecosystem within the Brazilian rental and logistics industries".
Fitch also considered that the group has a growing Ebitda (earnings before interest, taxes, depreciation and amortization), as well as a "diversified portfolio of services and long-term contracts as a significant part of the group's revenues".
The result would be "a resilient operating performance and minimizing exposure to the volatility of economic cycles in Brazil".