Fitch's rating triggers for a positive rating action include the combination of debt reduction, stronger operating results, and stable cash flow generation leading to a sustained improvement in the company's gross leverage ratio close to 2.0x. In addition, sustained profitability across the business cycle and debt amortization aligned with cash flow generation will be viewed as positive to credit quality. Conversely, a significant deterioration of the company's gross leverage or liquidity position as a result of operational factors, adverse market conditions, or debt-financed acquisitions could lead to negative rating actions.
The sale of the wheat operations is in line with Fitch's view of
Fitch currently rates
-- Long-term Foreign Currency Issuer Default Rating (IDR) 'BB+';
-- Long-term Local Currency IDR 'BB+';
The Rating Outlook is Stable.
Additional information is available at 'www.fitchratings.com'.
-- 'Corporate Rating Methodology' (
Corporate Rating Methodology - Including Short-Term Ratings and Parent and Subsidiary Linkage
Source: Fitch Ratings
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