S&P shifts Suedzucker view to positive

S&P said it changed its outlook for Suedzucker to positive from stable and affirmed the BBB- issuer and senior unsecured note ratings and the B+ rating on the subordinated hybrid bond.

“Suedzucker achieved strong operational performance in fiscal 2023 under overall favorable conditions, and we forecast high sugar prices will support strong results in the sugar segment in fiscal 2024. Suedzucker's revenue increased by 25% and its S&P Global Ratings-adjusted EBITDA grew by 59% in fiscal 2023, with all business segments contributing to revenue growth. The company successfully benefited from elevated prices for sugar and ethanol in Europe, which helped lift profitability considerably, despite high operating and energy cost inflation,” S&P said in a statement.

The agency said it expects the sugar segment’s revenue to widen by 17%-23% in fiscal 2024 and operating profit to grow from the €230 million Suedzucker delivered last year.

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