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S&P assigns Unialco B
Standard & Poor's said it assigned its B local and foreign currency corporate credit rating to Grupo Unialco.
At the same time, the agency said it assigned its B rating to Unialco's wholly owned subsidiary, Unialco Finance Ltd.'s $150 million senior unsecured long-term bond.
The outlook on Unialco's corporate credit rating is stable.
The agency noted that the ratings on Unialco reflect the company's highly leveraged financial risk profile, which is based on its proposed debt increase, its weak cash flow generation and liquidity and the inherent risks in its commodity business, including the highly volatile prices for sugar and ethanol.
The ratings also incorporate the seasonality of Unialco's operations and results and consequent substantial working capital needs during the crop season, S&P added.
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