Moody's Affirms Movida AA+.br Rating With Stable Outlook

Movida saw its "AA+.br" credit rating reaffirmed by Moody's on Friday 4 September 2026. The agency also maintained the rating on all unsecured debentures issued by the company, keeping the outlook stable.

The grade is the second highest on the national scale of Moody's, which applies to issuers with very high credit quality relative to domestic peers. Moody's stated that the rating reflects a solid business profile backed by operational scale and strong diversification. Movida holds the position of second largest company in Brazil in both light vehicle rental and fleet management and outsourcing.

Moody's noted consistent operational performance driven by higher rental rates, fleet expansion, and elevated utilisation levels. However, the rating agency pointed out that the car rental sector requires recurrent capital spending for fleet renewal and growth, which keeps free cash flow under pressure. The company's debt amortisation schedule is also structurally more concentrated than historical patterns.

Despite those pressures, Moody's emphasised that the strong liquidity of Brazil's used car market allows Movida to sell down assets that are mostly unencumbered, providing extra financial flexibility. Any future rating upgrade for the Simpar subsidiary would depend on an upgrade of Simpar itself, as well as preserving competitive strength, adequate credit metrics, and sound liquidity.