S&P lowers Suedzucker

Standard & Poor’s said it lowered to BBB-/A-3 from BBB/A-2 its long- and short-term corporate credit ratings on Suedzucker. The outlook is stable.

At the same time, S&P lowered the issue ratings on Suedzucker’s senior unsecured debt to BBB- from BBB, the short-term issue rating on the commercial paper program to A-3 from A-2 and the issue ratings on the subordinated hybrid debt instrument to B from BB.

S&P said the rating downgrade reflects S&P’s view that Suedzucker’s operating margins and cash flow generation will likely remain below historical averages over the next two years.

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