Fitch boosts Viterra

Fitch Ratings said it raised its ratings on Viterra Ltd. and its subsidiary Viterra Finance BV’s senior unsecured notes to BBB from BBB-.

“The upgrade reflects Fitch's belief that over the medium term, Viterra will maintain the more conservative readily marketable inventory (RMI)-adjusted EBITDA net leverage around 1.5x it achieved in 2022. This will be due to adherence to a conservative financial policy and a higher sustained level of profits,” the agency said in a statement.

Fitch noted Viterra posted record-high Fitch-adjusted EBITDA of €2 billion in 2022; however, it sees annual EBITDA stabilizing at a minimum of $1.4 billion-$1.5 billion.

The outlook is stable.

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