S&P rates Marfrig notes B+

S&P said it affirmed the B+ global scale corporate credit rating on Marfrig Global Foods SA and upgraded the national scale corporate credit rating on the company to brBBB+ from brBBB.

The outlook is positive.

The agency also said it assigned a B+ rating to Marfrig Holdings Europe BV’s proposed $500 million senior unsecured notes due 2023, reflecting a recovery rating of 4, indicating 30% to 50% expected default recovery.

The proposed bonds are senior unsecured and have guarantees from Marfrig Global Foods and Marfrig Overseas Ltd.

The outlook revision and upgrade reflects an expectation that Marfrig will post improving credit metrics in the next few quarters as a result of stronger cash flow generation with EBITDA benefiting from exports, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.