August 2, 2018 / 3:42 PM / 10 months ago

Brazil sugar, ethanol sector cut debt but outlook negative -Itau BBA

SAO PAULO, Aug 2 (Reuters) - Brazilian sugar and ethanol companies reduced debt levels by 3 reais ($0.7989) per tonne in the last harvest, Pedro Fernandes, head of agribusiness at investment bank Itaú BBA, said during a presentation for journalists on Thursday.

But companies in the sector are likely to reduce investments because the outlook for the next sugarcane crop is negative due to a drought and other factors. “Unlike for the remainder of the farm sector, we see our loan book for sugar and ethanol companies stable over time,” Fernandes said. ($1 = 3.7553 reais) (Reporting by Ana Mano; editing by Jonathan Oatis)

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