S&P puts Marfrig on positive watch

S&P said it placed the B+ global scale and brA- national scale corporate credit ratings on Marfrig Global Foods SA (Marfrig) on CreditWatch with positive implications.

The agency also said it placed Marfrig's B+ ratings on CreditWatch with developing implications.

Marfrig announced the acquisition of a 51% controlling stake of the fourth largest U.S. beef processor, National Beef Packing Co. LLC, for $969 million to be paid in cash.

The CreditWatch positive reflects that the agency could affirm or upgrade Marfrig over the next 90 days once its liquidity, business and financial risk profiles are evaluated following the acquisition, S&P said.

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