Fitch revises Upfield outlook to stable

Fitch Ratings said it revised the outlook on Sigma Holdco BV's (Upfield) to stable from negative and affirmed the issuer rating at B. Fitch also affirmed the long-term senior secured rating on the senior secured facilities issued by Upfield USA Corp. and Upfield BV at B+/RR3 and on the company's senior unsecured notes at CCC+/RR6.

“The revision of the outlook reflects our expectation of resilient profit performance in 2022-2023 thanks to significant, albeit delayed, price pass-through of input cost increases and the benefit of cost-savings programs. This should allow the company to continue generating strong cash flow and resume its deleveraging trajectory after a leverage spike in 2021-2022,” Fitch said in a press release.

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