S&P: USJ – Acucar e Alcool view to negative

S&P said it affirmed its CCC+ global scale and brCCC+ national scale corporate credit ratings on USJ – Acucar e Alcool SA (USJ) and revised the outlook on the global scale rating to negative from stable.

The agency subsequently withdrew the national scale corporate credit rating at the issuer's request.

S&P kept the recovery rating of 6 on USJ's unsecured debt unchanged, and affirmed the senior unsecured debt rating at CCC-.

S&P said the negative outlook reflects its view of higher liquidity pressures on the company given that its cash is eroding because of capex and debt reduction. Despite some debt refinancing, a significant amount of debt is coming due in the next 12 months, increasing refinancing pressures on USJ.

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