Moody’s cuts Quickfood notes to Ba1

Moody's Latin America said it downgraded Quickfood SA's senior notes guaranteed by BRF SA to Ba1 from Baa2 in the global scale, while the national scale rating was confirmed at Aaa.ar.

The outlook on the guaranteed notes is negative.

Quickfood's Caa1/Ba1.ar corporate family rating remains unchanged. However, its stable outlook is being changed to "stable (multiple)" to recognize the change in outlook of the guaranteed notes.

Roughly $62 million in rated debt instruments affected.

The downgrade of Quickfood's notes mirrors the Moody’s Feb. 25 downgrade of guarantor BRF SA to Ba1 from Baa2. The negative outlook also mirrors the negative outlook of BRF. BRF fully and unconditionally guarantees the instruments, which would cause an acceleration of most of the parent's debt in the event of a default.

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