...+ We expect Brazil-based railroad operator, Rumo, to continue improving its credit metrics while it increases operating efficiency and volume capacity as a result of an aggressive investment plan for the next five years. + We have assigned a 'b+' stand-alone credit profile (SACP), and '##-/B' global scale and 'brA-/brA-2' national scale corporate credit ratings to Rumo. + The negative outlook on the company reflects that on ultimate parent company, Cosan Ltd., whose rating is currently capped at Brazil's rating level. Rumo's rating is currently limited to one notch below the rating on Cosan. Therefore, a downgrade of the latter would trigger a similar rating action on Rumo. On a stand-alone basis, our expectations are that the investments to expand capacity and improve operating efficiency will bolster Rumo's cash flow generation, which will offset the additional debt to fund capex. This in turn, will likely improve the company's financial metrics in the next three years, bringing debt...
