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Fitch rates Marfrig notes B+/RR4
Fitch Ratings said it assigned a B+/RR4 rating to the $600 million of proposed senior unsecured notes due in 2022 to be issued by Marfrig Holdings (Europe) BV and irrevocably and unconditionally guaranteed by Marfrig Global Foods SA and by Marfrig Overseas Ltd.
Proceeds are expected to be used to refinance debt maturities.
Fitch said it expects Marfrig’s net debt/EBITDA ratio to fall toward 4 times by 2015 from 4.8 times for the LTM ending in September (4.3 times net debt/ annualized EBITDA). The group continues to report good results in all of its divisions. EBITDA went up 16% year-on-year as of September.
Future debt reduction should be achieved by better asset and logistics management, lower working capital requirements and decreased interest expense, the agency said.
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