S&P: Tereos view to positive

Standard & Poor's said it revised the outlook on Tereos Union de Cooperatives Agricoles a Capital Variable (Tereos) to positive from stable.

The agency also said it affirmed its BB long-term corporate credit rating, along with the BB rating on its €500 million senior secured bonds issued by subsidiary, Tereos Europe SA.

The 3 recovery rating on the bonds remains unchanged, indicating 50% to 70% expected recovery in a default.

The outlook revision primarily reflects the improvement in the group's financial metrics, S&P said.

This improvement will likely be sustainable, thanks to positive sugar-market dynamics and the group's firm commitment to reduce and maintain net reported leverage below 2.5x, the agency said.

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