On July 26, 2021, shareholders of Brazilian car rental company Movida Participacoes S.A. (Movida) the incorporation of CS Participações (CS). Besides the gain of scale, CS increases the share of the fleet management segment in Movida's portfolio, providing more stable and predictable cash flows going forward. In addition, Movida has been expanding significantly in the past year, benefiting from high occupancy rates in the rent-a-car (RaC) segment, rising demand in the fleet management segment, and increasing prices for used cars sales, lifting profitability across all of the company's business divisions. On July 28, 2021, S&P Global Ratings raised its global scale issuer credit and issue-level ratings on Movida to 'BB-' from 'B+' and national scale ratings to 'brAA+' from 'brAA'.
