S&P changes Suedzucker to negative

S&P said it revised its outlook on Suedzucker AG to negative from stable and affirmed its BBB/A-2 issuer credit ratings.

At the same time, the agency affirmed the BBB/A-2 issue rating on the senior unsecured debt and the BB- issue rating on the hybrid bonds issued by Suedzucker International Finance BV and guaranteed by Suedzucker.

“We forecast Suedzucker's sugar operations to be loss-making over the next two reporting years after a solid performance last year,” S&P said in a news release.

“This is mostly because of adverse market conditions, which are likely to lead to persistently low EU and global sugar prices.”

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