The persistently high basic interest rate in Brazil will continue to weigh on Movida Participacoes S.A. 's heavy capital structure. We now expect a strained EBIT interest coverage ratio for the next two years, at roughly 1.5x. Slower growth in the next two years will offset the high interest burden, in our view. That slower growth will come with lower capital expenditures and continued operational efficiency measures, such as a higher average occupancy rate for the fleet and tariff increases in both segments. We affirmed our global and national scale ratings on Movida at 'BB-' and 'brAA+', respectively. The stable outlook reflects our view that Movida will remain focused on efficiency measures to balance out the effects of high interest
