S&P rates Sao Martinho BB+

Standard & Poor's said it assigned a BB+ long-term global scale rating and brAA+ Brazilian national scale corporate credit ratings to Sao Martinho SA.

The outlook is stable.

The ratings reflect the company's exposure to price volatility and cyclicality in the sugar and ethanol market, S&P said, along with its small size compared with competitors and low geographic diversity.

Partly offsetting these constraints are its conservative financial policy, sound operating track record and flexibility to alter its sugar and ethanol production, the agency said.

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