On Tuesday, August 11, 2026, Mills Locação, Serviços e Logística S.A. (MILS3) reported that S&P National Ratings upgraded the company’s long-term issuer credit rating and the ratings on its senior unsecured debentures (corporate debt securities) from “brAA-” to “brAA” on the Brazil National Scale. The agency also reaffirmed the short-term issuer rating at “brA-1+” and revised the issuer rating outlook from positive to stable.
According to S&P’s report, the rating upgrade primarily reflects the expectation of continued low financial leverage, supported by Mills’ operating performance and its ability to fund a relevant portion of fleet expansion with operating cash flow generation. The agency also cited as a positive factor the higher contribution from the yellow line and forklift segments, which are backed by longer-term contracts and thus offer greater revenue and cash flow predictability. In the second quarter of 2026, these segments accounted for about 35% of the company’s net revenue.
