Fitch upgrades Marfrig

Fitch Ratings said it upgraded Marfrig Global Foods SA's long-term foreign- and local-currency issuer default ratings to BB+ from BB, and MARB BondCo plc and NBM US Holdings, Inc.'s senior unsecured notes to BB+ from BB.

Additionally, Fitch raised Marfrig's national scale rating and debentures to AAA (bra) from AA+(bra).

“The upgrade reflects Marfrig's strong operating performance, expected positive FCF, and low net leverage ratio as well as its stake in BRF SA. Since 2Q22, Marfrig fully consolidates BRF's accounts due to 33.27% stake in BRF and the gain of control of its board of directors. Despite the consolidation, Fitch considers Marfrig's operations on a stand-alone basis as these two entities operate separately, with no cross-default or guarantees provided, and the presence of significant minority interests.

The outlook is stable.

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