...Localiza Rent a Car S.A.'s (Localiza) ratings reflect its leadership and large scale in the Brazilian car and fleet rental industry, and its resilient operational performance throughout economic cycles. A significant part of Localiza's revenue benefits from a diversified client base and long-term contracts. The ratings reflect Localiza's moderate financial leverage, access to unsecured financing, strong liquidity, and a well-spread debt amortization schedule. Fitch Ratings' assignment of equal ratings to Localiza and its wholly owned subsidiary, Localiza Fleet S.A., reflects the parent company's incentive to support the subsidiary....
