S&P boosts Tereos

S&P said it raised its ratings for Tereos SCA and its senior unsecured notes issued by its subsidiary Tereos Finance Group I to BB- from B+.

“Tereos achieved about 18% revenue growth and posted an S&P Global Ratings-adjusted EBITDA margin of 13.9% in fiscal 2022 (year ended March 31, 2022), which is materially higher than the 10.9% margin realized the prior year. Revenue growth was supported by higher prices for sugar, ethanol, starch and starch derivatives, and by growing demand for starch and sweetener products in Europe,” the agency said in a press release.

S&P said it estimates Tereos' adjusted debt-to-EBITDA ratio will be in the 4x-4.2x range and funds from operations to debt will be 12%- 20% in the next 12-18 months.

The outlook is stable.

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