Fitch Upgrades Marfrig Credit Rating
São Paulo, October 17, 2016 – Fitch Ratings upgraded Marfrig Global Foods’ Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'BB-' from 'B+' and its National Scale rating to 'A(bra)' from 'BBB+(bra)' on Friday October 14.
The upgrade is on the back of a series liability management actions that have resulted in the lengthening of the debt curve, reduction in costs, an improvement in liquidity, leverage and the expectation of better cashflow generation by way of a reduction in financial expenses, a continuous solid performance at the Keystone division and a favourable scenario for the beef sectors in Brazil.
“Fitch’s decision is recognition of the financial discipline that we have followed and of the company’s focus on meeting long-term goals. We are a more simple and focused company,” said Marfrig Global Foods Finance and Investor Relations Director José Eduardo de Oliveira Miron. “We will continue to deliver consistent results to our shareholders.”