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S&P may cut Independencia Alimentos
Standard & Poor's said its B long-term corporate credit rating on Independencia Alimentos SA remains on CreditWatch with negative implications, where it was placed on May 31.
The initial placement followed Independencia's bid to acquire 100% of Goiás Carnes. The agency said it received no operating or financial performance data for Goiás Carne, which is now a subsidiary of Independência.
The acquisition was financed with a $100 million bank loan from JP Morgan. The holding company's debt from the acquisition did not directly increase Independência's leverage, but the agency said it would analyze the acquisition debt on a consolidated basis in case there is a delay in the initial public offering.
The CreditWatch resolution depends on Independência's final consolidated financial figures with Goiás Carne, S&P said.
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