Moody's ups Tereos to stable

Moody's Investors Service said it affirmed Tereos's Ba3 corporate family and probability of default ratings, as well as the B1 rating on the €500 million bond issued at Tereos Europe SA.

The outlook was changed to stable from negative.

The action reflects Tereos's improved operating performance following a favorable pricing environment for its sugar beet and sugarcane operations, Moody's said, as well as an improved liquidity position following the refinancing of a significant portion of the company's debt during the last 12 months.

The agency said it expects the company to continue benefiting from a favorable pricing environment.

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