S&P lowers Marfrig to brA-

S&P said it revised its global scale rating outlook on Marfrig Global Foods SA to stable from positive and affirmed the B+ global scale corporate credit and issue-level ratings on the company.

The agency also lowered the national scale corporate credit rating to brA- from brA.

S&P said it maintained the recovery rating of 4 on Marfrig's senior unsecured debt, which indicates an average recovery expectation of 30%-50% (rounded 30%).

The agency said Marfrig will pursue a more aggressive growth over the next few quarters, raising working capital consumption that will result in the free operating cash flow shortfall, which would deviate from S&P’s previous expectation of a gradual deleveraging.

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