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Tereos : More patience is required
In this report, we take a fresh look at the Tereos credit in the wake of Fitch's affirmation of its 'BB' rating with a Stable outlook. The timing of a sugar market turnaround is a key factor. At this juncture, we estimate that a sustainable rebound in sugar prices is unlikely before summer 2019 at best, making an upturn in bond prices still distant. - >Support factors - - Tereos has become the second largest sugar group worldwide (5.3 mt produced in 2017-18, € 2.2bn i...
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Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Delphine Chauvin
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