CHICAGO & SAO PAULO--(BUSINESS WIRE)--Fitch Ratings has affirmed the Foreign and Local Currency Issuer Default Ratings (IDRs) of Hypermarcas S.A. (Hypermarcas) at 'BB+' and its National Scale Long-term ratings at 'AA(bra)'. The Rating Outlook remains Positive. A full list of rating actions follows at the end of this release. The maintenance of the Positive Outlook reflects Fitch expectation that Hypermarcas should succeed in lowering its net leverage ratio to approximately 2x in the next 18-24