Fitch revises Upfield view to positive

Fitch Ratings said it revised the outlook on Sigma Holdco BV's (Upfield) to positive from stable and affirmed the B issuer default rating. The agency also affirmed the company's senior unsecured debt at CCC+ with an RR6 recovery rating and the long-term senior secured rating of the term loans issued by Upfield USA Corp. and Upfield BV at B+ with an RR3 recovery rating

“The positive outlook reflects the company's improved deleveraging prospects towards Fitch's positive rating sensitivity by end-2024 driven by anticipated strengthening operating profitability and recent debt reduction. Together with broadening product diversification among categories and lower refinancing risk following credit facility extension and ongoing debt refinancing, this should translate into an improved credit profile in the next 18-24 months,” the agency said in a press release.

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