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S&P lifts USF Acucar e Alcool
S&P said it upgraded USJ Acucar e Alcool SA to CCC+ from CCC- on a global scale and to brCCC+ from brCCC- on a national scale.
The agency also said it removed the ratings from CreditWatch positive, where the ratings were placed in May.
The outlook is stable.
The agency also said it revised the recovery rating on the company's unsecured debt to 6, indicating 0 to 10% expected default recovery, from 4.
S&P also said it affirmed the company’s CCC- senior unsecured debt rating.
The upgrades reflect the diminished liquidity pressures following the distressed exchange of USJ's senior unsecured notes in May, which was considered as tantamount to default, the agency said.
The stable outlook reflects an expectation of lower liquidity and refinancing pressures on USJ over the next 12- to 24-months, S&P said.
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