TEXT-S&P summary: Raizen

Sept 13 -

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Summary analysis -- Raizen Combustiveis S.A. ---------------------- 13-Sep-2012

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CREDIT RATING: BBB/Stable/-- Country: Brazil

Primary SIC: General farms,

primarily crop

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Credit Rating History:

Local currency Foreign currency

31-Jul-2012 BBB/-- BBB/--

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Rationale

The ratings on Brazil-based Raizen reflect its "satisfactory" business risk profile, "intermediate" financial risk profile, and "adequate" liquidity, as our criteria define those terms.

We analyze Raizen as the combination of Raizen Energia S.A.'s and Raizen Combustiveis S.A.'s businesses and financial figures, as we view the operations as integrated and management as unified. In our view, Raizen makes strategic as a single entity, and we expect all the debt and obligations in both operating companies to be guaranteed by cash generated on a consolidated basis.