Fitch affirms Bunge

Fitch Ratings said it affirmed Bunge Ltd.'s long-term issuer default rating at BBB.

The outlook is negative.

“The ratings affirmation reflects Bunge's earnings recovery during 2018 that has resulted in LTM EBITDA (3Q'18) of $1.6 billion, compared to EBITDA of approximately $1 billion for 2017,” the agency said in a news release.

“Readily marketable inventories (RMI) adjusted leverage was 2.9x, down from the mid-4x range in the first half of 2018.”

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