S&P revises Tereos view to negative

S&P said it revised its outlook on Tereos SCA to negative from stable and affirmed its BB issuer credit rating on the company.

At the same time, the agency affirmed its BB issue and 4 recovery ratings on the senior unsecured notes issued by Tereos Financing Groupe 1 and guaranteed by Tereos SCA.

“The outlook revision reflects our view that Tereos' operating performance and credit metrics are likely to be affected in the years to March 2019 and March 2020, mainly by the weak profitability of its European sugar operations (40% of group revenues last year),” S&P said in a news release.

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