...Rumo S.A.'s (Rumo; BB+/Stable) ratings reflect its strong position as a leading Brazilian railroad operator, with solid and growing operating cash flow, strong liquidity, and moderate net leverage, despite expected negative free cash flow (FCF). The concentration risk in agribusiness is offset by the railways' competitive advantages in Brazil's cargo transport. Fitch Ratings rates Rumo based on its standalone credit profile (SCP) due to the porous linkage with its weaker parent, Cosan S.A. (BB/Stable), under our "Parent and Subsidiary Linkage Rating Criteria." This consideration limits Rumo's Local Currency (LC) Issuer Default Rating (IDR) to two notches above Cosan's, so currently it is not a constraint....
