S&P rates Viterra, notes BBB-

S&P said it assigned BBB- ratings to Viterra Ltd. and the senior unsecured notes to be issued by its subsidiary Viterra Finance BV.

“Viterra is well positioned along its value chain and vertically integrated, thanks to large-scale operations in a few strategically important regions where the group has a track record of profitable growth.The group traded more than 90 million tons of commodities in 2020, and has significant processing power, with about 13.5 million tons of annual crushing capacity. The group's positive growth prospects and ability to operate in the recently highly volatile markets reflects the success of its vertically integrated business model (origination, processing, and distribution), with main assets located in key growth regions (Canada, Australia, Argentina, and Europe notably),” the agency said in a press release.

S&P said it projects Viterra’s adjusted debt leverage should remain under 3x based on its steady EBITDA base and disciplined financial policy.

The outlook is stable, indicating the view that Viterra should be able to maintain stable EBITDA of at least $1 billion over the next 12-24 months, S&P said.

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