Moody's downgrades Suedzucker

Moody's Investors Service said it downgraded Suedzucker AG's long-term issuer ratings to Baa3 from Baa2, along with its short-term ratings to prime-3 from prime-2.

The long- and short-term issuer ratings of Suedzucker International Finance BV also were downgraded to Baa3 and P-3, respectively.

The rating on the junior subordinated notes also issued by Suedzucker International was lowered to B1 from Ba3.

The downgrades conclude a review that began in September.

The outlook is negative.

The agency said it expects the company's operating performance will remain depressed for a prolonged period of time on the back of low sugar prices in Europe, Moody's said.

The agency also recognizes the company's success in recent years in growing the earnings from non-sugar related activities.

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