Fitch Ratings on March 20 affirmed, and subsequently withdrew its ratings for Desenvolve SP - Agência de Fomento do Estado de São Paulo SA, citing commercial reasons.

The withdrawn ratings include the long-term local and foreign currency issuer default ratings of BB-, short-term local and foreign currency IDRs of B, long-term national rating of AA(bra) and short-term national ratings of F1+(bra).

The outlook on the ratings was stable at the time of withdrawal.