Fitch changes Coazucar to stable

Fitch Ratings said it affirmed the long-term foreign currency and local currency issuer default ratings of Corporacion Azucarera del Peru SA (Coazucar) and its senior unsecured notes at BB.

The outlook was revised to stable from negative.

Fitch said the stable outlook reflects the company's improving results and lower leverage due to increased sugar sales and improved prices. New production coming from the first phase of the Agrolmos green-field project is expected to start in the fourth quarter of this year and will further improve Coazucar’s competitive position and pricing power in the Peruvian market, the agency noted.

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