Research Update: Virgolino de Oliveira S.A. - A??car e ?lcool Assigned 'B' Corporate Credit, Senior Unsecured Ratings; Outlook Is Stable Jan 11

Standard & Poors, January 2011

Abstract
The cost advantages in the production of sugar and ethanol, and the scale that Copersucar brings are positive business factors, but the firm's financial profile is aggressive. We are assigning our 'B' global scale and 'brBBB-' Brazilian national scale corporate credit ratings to Virgolino, while also assigning a 'B' rating to its finance subsidiary's forthcoming senior unsecured notes issuance. The outlook is stable. We expect that positive fundamentals for sugar will help the company reduce leverage and improve its liquidity position. On Jan. 12, 2011, Standard & Poor's Ratings Services assigned its 'B' global scale and 'brBBB-' Brazilian national scale corporate credit ratings to Brazilian sugar and ethanol producer Virgolino de Oliveira S.A. - A--car e -lcool. At the same...

Companies mentioned in this report are: Virgolino de Oliveira S.A. - Acucar e Alcool,Virgolino de Oliveira Finance Ltd
Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Virgolino de Oliveira S.A. - Acucar e Alcool,Virgolino de Oliveira Finance Ltd

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