A much anticipated receivables-backed deal from Brazil's largest exporter, Companhia Vale do Rio Doce (CVRD), has landed investment-grade ratings that are higher than Brazil's sovereign ratings from both Standard & Poor's Ratings Services and Fitch IBCA.

CVRD, an exporter of iron ore and pellets, has structured the seven-year, $300 million export receivables-backed transaction as a sale of product from CVRD to its subsidiary, CVRD Overseas Ltd., based in the Cayman Islands. CVRD Finance, a bankruptcy remote special purpose vehicle, will act as the servicer in the deal, mandated nearly two years ago but was shelved temporarily because of market conditions. Collateral backing the transaction will include six designated customers, which accounts for 30% of CVRD's total exports.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.