Fitch ups MRS local currency rating to stable

Credit rating agency Fitch Ratings has revised the rating outlook on the local currency rating of Brazilian railroad concessionaire MRS Logistica to stable from negative, Fitch announced. MRS' current local currency rating is BB-. The revised outlook is the result of Brazil's improving political and economic conditions, according to Fitch. In March, the rating agency revised the country's sovereign ratings to stable from negative, reflecting a marked turnaround in international trade performance and signs that the new government is committed to economic policies that could place Brazil's public and external finances on surer footing. MRS, which invested 12.8mn reais (some US$4.35mn) in 2002, operates the 1,700km southeast rail network (Malha Sudeste) through the states of Minas Gerais, Rio de Janeiro and Sao Paulo. MRS moved 74.4Mt of cargo in 2002, and expects to move 83.7Mt this year.