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Moody’s affirms Marfrig
Moody’s Investors Service said it affirmed all of Marfrig Global Foods SA's existing ratings, including its B2 corporate family rating and the senior unsecured ratings of Marfrig Holdings (Europe) BV.
The outlook is stable.
The agency said the affirmation of Marfrig's ratings follows the announcement that the company has entered into a definitive agreement to sell Keystone Foods, Inc. to Tyson Foods, Inc.'s (Baa2 stable) for $2.16 billion in cash.
This transaction follows Marfrig's acquisition of a 51% stake in National Beef, announced in April.
Moody’s said it believes the divestment of Keystone will weaken Marfrig's portfolio mix by exiting the relatively stable business of selling poultry and processed food products to quick service restaurants.
Conversely, the investment in National Beef increases its exposure to the more volatile commodity beef processing business, the agency noted.
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