| Abstract: | The ratings on U.K.-based cereal sweetener, starch, and sugar manufacturer Tate&Lyle PLC reflect the company's leading positions in its main markets and increased emphasis on higher-value-added products. These strengths are tempered, however, by the commodity-like features of the bulk of the company's sweetener, starch, and ethanol output, which result in some earnings volatility. The ratings are further constrained by limited geographical mix and the constant need for innovation to sustain an adequate proportion of value-added products, which requires high investment. Due to the industry's high rate of commoditization, Tate&Lyle's strategy has increasingly focused on widening its product portfolio of new-value-added categories such as specialty starches and sucralose, which generate higher margins and earnings visibility. As part
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| Brief Excerpt: | RESEARCH Ratings Definitions Summary: Tate & Lyle PLC Publication date: 04-Dec-2008 Primary Credit Analyst: Diego Festa, London (44) 20-7176-3899; diego_festa@standardandpoors.com Secondary Credit Analyst: Anna Overton, London (44)...
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| Report Type: | Summary
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| Ticker: | TATE@LN
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| Issuer: | Tate&Lyle PLC
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| GICS: | Packaged Foods & Meats (30202030)
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| Sector: | Consumer Products, Corporations, Global Issuers
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| Country: | United Kingdom
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| Region: | Europe, Middle East, Africa
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| Free Sample: |
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| Format: | | HTML |  |
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