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Bond Market News
Rumo Downgraded to BB- by S&P
March 9, 2026
Rumo was downgraded by a notch to BB- from BB by S&P. The downgrade mirrors the rating action on its parent Cosan, which was downgraded to BB-. S&P caps Rumo’s rating at Cosan’s level because Cosan maintains significant control, holding 30.3% economic ownership and a majority on Rumo’s board. The rating action on Cosan reflects heightened uncertainty surrounding Raizen, whose financial and operational challenges have raised concerns about governance and financial flexibility across the Cosan group. Although there are currently no immediate cross-default risks, guarantees, or refinancing pressures affecting Cosan or Rumo, S&P believes reputational risks and governance concerns could weaken the group’s risk management framework and access to financing over time. Despite the downgrade, Rumo retains adequate liquidity, with about BRL 7bn ($1.3bn) in cash as of December 2025, supported by solid operating cash flows.
Its dollar bonds traded stable. For instance, the 5.25% 2028s were at 98.7 yielding 5.99%.
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