Fitch Withdraws Tonon Bioenergia S.A.'s Ratings

SAO PAULO--(BUSINESS WIRE)-- Fitch Ratings has withdrawn Tonon Bioenergia S.A.'s (Tonon) 'D' foreign and local currency long-term Issuer Default Ratings (IDRs) and the ratings on Tonon Luxembourg S.A.'s (Tonon Luxembourg) associated debts. Tonon Luxembourg is a fully-owned subsidiary of Tonon and the issuer of Tonon's debts.

KEY RATING DRIVERS

Fitch has withdrawn the ratings due to lack of updated information following the company's filing for bankruptcy protection on Dec. 9, 2015.

RATING SENSITIVITIES

Fitch will no longer provide ratings or analytical coverage for the corporate and debt instruments.

FULL LIST OF RATING ACTIONS

Fitch has withdrawn the following ratings:

Tonon Bioenergia S.A.

--Foreign and local currency long-term IDRs 'D'.

Tonon Luxembourg S.A.

--USD289 million senior unsecured notes, due 2020, 'C/RR4';

--USD11 million senior unsecured notes, due 2020, 'C/RR4';

--USD230 million senior secured notes, due 2024, 'C/RR4'.

Additional information is available 'www.fitchratings.com'.

Applicable Criteria

Metodologia de Ratings Corporativos - Incluindo Ratings de Curto Prazo e Vinculo Entre Matrizes e Subsidiarias (pub. 06 Nov 2015)

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=873441

Additional Disclosures

Solicitation Status

https://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=999735

Endorsement Policy

https://www.fitchratings.com/jsp/creditdesk/PolicyRegulation.faces?context=2&detail=31

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. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20160219005831/en/

Fitch Ratings
Primary Analyst
Claudio Miori
Associate Director
+55-11-4504-2207
Fitch Ratings Brasil Ltda
Alameda Santos, 700 - 7 andar, Sao Paulo, sp CEP 01418-100
or
Secondary Analyst
Alexandre Garcia
Associate Director
+55-11-4504-2616
or
Committee Chairperson
Ricardo Carvalho
Senior Director
+55-21-4503-2627
or
Media Relations:
Elizabeth Fogerty, +1-212-908-0526
[email protected]

Source: Fitch Ratings

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