...- Brazilian car rental company Movida Participat)es S.A. (Movida) has grown considerably in scale. We expect most of growth in the next few years will be in the company's fleet management segment, raising cash-flow predictability. - Even though we expect credit metrics to slip in 2022, the fleet management unit's long-term contracts and the industry's favorable momentum will allow Movida to generate solid operating cash flows, despite Brazil's worsening economy next year. - On Dec. 21, 2021, S&P Global Ratings revised the outlook on its ratings on Movida to positive from stable and affirmed its '##-' global scale and 'brAA+' national scale issuer credit ratings on the company. - The positive outlook indicates a one-in-three chance of an upgrade in the next 12-18 months if the company's growth doesn't pressure credit metrics, resulting in funds from operations (FFO) to debt above 20% and EBIT interest coverage close to 2.0x on the average of the next three years....
