Moody's rates Independência notes B3

Moody's Investors Service said it assigned a B3 global local currency-scale corporate family rating to Independência Alimentos Ltda. and also a provisional B3 foreign currency rating to its proposed $150 million senior unsecured notes issued by Independência International Ltd. but unconditionally guaranteed by Independência, subject to closing.

"The B3 global local currency rating reflects primarily Independência's relative small size,-scale and limited geographic diversification of its raw materials, along with the risks posed by animal disease issues, high leverage and family-owned status and financial disclosure affecting its corporate governance standards," said Moody's analyst Soummo Mukherjee.

"More positively, the B3 rating also reflects the company's competitive cost-structure leading to its high margins compared to its global peers, the diversification of its sales into wet blue leather and pork besides its core fresh-meat beef business and the overall positive fundamentals for the Brazilian fresh beef and leather industries."

© 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.