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Fitch lowers Marfrig Alimentos
Fitch Ratings said it downgraded to B from B+ all international scale ratings of Marfrig Alimentos SA and its subsidiaries.
The downgraded ratings include Marfrig Alimentos' local-currency issuer default rating to B from B+, foreign-currency issuer default rating to B from B+, national scale rating to BBB(bra) from BBB+(bra), R$300 million third debentures issue (first tranche) to BBB(bra) from BBB+(bra) and R$300 million third debentures issue (second tranche) to BBB(bra) from BBB+(bra).
Fitch also downgraded Marfrig Overseas Ltd.'s foreign-currency issuer default rating and Marfrig Holdings (Europe) BV's foreign-currency issuer default rating to B from B+, $600 million senior unsecured notes due 2017 to B with a recovery rating of RR4 from B+ with a recovery rating of RR4 and $750 million senior unsecured notes due 2018 to B with a recovery rating of RR4 from B+ with a recovery rating of RR4.
The downgrades reflect Marfrig's weak operating performance and negative free cash flow generation that resulted in increased debt since the end of 2011, Fitch said.
The ratings build in the expectation that Marfrig will sell assets during 2013 to lower leverage, the agency added.
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