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S&P downgrades SunOpta
S&P said it lowered the issuer credit rating on SunOpta Inc. to CCC+ from B-.
The agency also said it lowered the rating on subsidiary SunOpta Foods Inc.'s senior secured notes to CCC from CCC+. The recovery rating on the notes is unchanged at 5.
SunOpta's 2018 EBITDA was weaker-than-expected and the company's 2019 results also will be lower than previously forecast, S&P said.
As a result, the agency said it forecasts 2019 adjusted debt-to-EBITDA ratio will remain at 11x, similar to 2018 year-end results.
Ongoing challenges in SunOpta's operations led to the company's lower EBITDA, S&P said.
The company has initiated several projects, including plant capacity expansion to improve scale and profitability, the agency said.
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