News Column

Fitch Publishes Brazilian 'Dashboard: Sugar and Ethanol'

April 25, 2014



SAO PAULO--(BUSINESS WIRE)-- Link to Fitch Ratings' Report: Brazilian Sugar and Ethanol Dashboard

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=746297

Fitch Ratings published today, the Brazilian 'Dashboard: Sugar and Ethanol'.

The report discusses the main factors driving the credit quality of Brazilian sugar and ethanol companies based on financial figures reported for the 2013-2014 season.

--Main Factor: Even though the bulk of the price decline has already occurred, the currently depressed prices of sugar and the uncertainties regarding the behavior of ethanol prices in Brazil make the market challenging and increase refinancing risks for most of its participants.

--What to Watch: Tight liquidity, high leverage and behavior of both sugar and ethanol prices.

--Rating Impact.

A complete review of these topics and an overview of the sector are available at www.fitchratings.com.

Additional information is available at 'www.fitchratings.com'.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.



Fitch Ratings

Claudio Miori

Associate Director

+55-11-4504-2207

Fitch Ratings Brasil Ltda

Alameda Santos, 700 - 7 andar, Sao Paulo, sp CEP 01418-100

or

Alexandre Garcia

Associate Director

+55-11-4504-2616

or

Media Relations:

Brian Bertsch, +1-212-908-0549 (New York)

brian.bertsch@fitchratings.com


Source: Fitch Ratings


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