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Moody's upgrades FS

Moody's upgrades FS

June 17, 2022 | Hernán Goicochea
Brazilian ethanol company rises one notch to Ba3 on lower debt

Moody's Investors Service Upgrade Bonds Debt Fixed Income Capital Markets Brazil Guatemala

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

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