June 17, 2022 |
Moody's has upgraded Brazilian ethanol company FS Bioenergia by one notch to Ba3 with a stable outlook, saying the company has reduced debt since a first-time rating almost two years ago.
FS had BRL5.8 billion ($1.15 billion) in total debt at the end of March this year, including BRL3.3 billion in bonds, Moody's said in a report on Wednesday. Cash, however, came to BRL2.1 billion, the rating agency added.
Revenues are expected to rise around 8.6% on higher ethanol prices in 2022 and 2023, but co
Brazilian ethanol company rises one notch to Ba3 on lower debt