...- On Feb. 5, 2021, Brazil-based sugarcane processor, Jalles Machado S.A. (Jalles), completed its IPO on the Brazilian Stock Exchange, raising about R$590 million in the primary offer, which will help to further strengthen the company's liquidity and credit metrics. - We expect Jalles to maintain its sound operating efficiency and flexibility, with low cash cost of production and higher value-added portfolio of products throughout industry cycles, while it expands organically and through acquisitions, funded by the IPO proceeds. - On Feb. 8, 2021, S&P Global Ratings raised its long-term issuer credit rating on Jalles to '##' from '##-' on the global scale and to 'brAAA' from 'brAA+' on the national scale. The outlook on both scales is stable. - The stable outlook reflects our expectation that Jalles will maintain its adjusted debt to EBITDA consistently well below 2.0x, funds from operations (FFO) to debt well above 45%, and slightly positive free operating cash flow (FOCF) to debt, despite...
