Moody's upgrades Corn Products

Moody's Investors Service said it upgraded the senior unsecured debt rating of Corn Products International, Inc. to Baa2 from Baa3.

The outlook is stable.

The upgrade reflects the company's continued strong sales and earnings growth, improved credit metrics and balanced and stable financial strategy, the agency said.

"Although we expect that in North America, [high-fructose corn syrup] volume will continue to decline in the U.S. and profit margins will gradually moderate over time, the recent higher pricing for corn-based sweeteners has generated strong incremental cash flow in this business that Corn Products has used primarily to strengthen its balance sheet and to fund expansion into profitable high-growth markets in Latin America, Asia and Africa," Moody's senior analyst Brian Weddington said in a written statement.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.