Credit rating agency Fitch has downgraded its ratings of Brazilian terminal operator Libra Terminal Rio.
On 24 March 2016, it downgraded the operator’s long-term foreign and local currency Issuer Default Ratings (IDRs) from BB+ to BB.
This move was based on the assumption that volumes at Libra Rio and Libra Santos would decline by 20% and 3.5% in 2016 respectively.
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