Moody's rates Marfrig notes B2

Moody's Investors Service said it assigned a B2 foreign-currency rating to the proposed $850 million senior notes due 2019 to be issued by Marfrig Holdings (Europe) BV and guaranteed by Marfrig Global Foods SA and Marfrig Overseas Ltd. Marfrig Global Foods’ corporate family rating is unchanged at B2, and the outlook is stable.

Proceeds will be used to pay existing debt within the company.

The agency said Marfrig's B2 ratings are supported by its diversified portfolio of animal proteins, large geographic footprint and global distribution capabilities.

On the other hand, the ratings are constrained by Marfrig's still elevated leverage and historically pressured operating performance, cash generation and credit metrics, Moody’s added.

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