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S&P downgrades JBS
S&P said it lowered its global scale corporate credit ratings on JBS SA and JBS USA Lux SA to B from B+ and lowered the national scale rating on JBS to brBB+ from brBBB+.
The agency also lowered the senior unsecured debt ratings on JBS and JBS USA to B from B+ and the senior secured debt ratings on JBS USA to BB- from BB.
The outlook remains negative.
“The downgrade reflects our view of higher reputational risks for JBS after the detention of its two ultimate controlling shareholders in September–one of whom was JBS' CEO–for suspected insider trading,” S&P said in a news release.
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