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S&P reviews Pilgrim's Pride
S&P said it placed all of its ratings on Pilgrim's Pride Corp., including the B corporate credit rating, on CreditWatch with developing implications.
The agency said the CreditWatch placement reflects the possibility that it could raise or lower the ratings on Pilgrim's Pride in the near-term depending on JBS' ability to refinance its short-term debt and improve liquidity.
“If JBS refinances its maturing bank facilities in the near term we could upgrade both JBS and Pilgrim's Pride,” S&P said in a news release.
“An upgrade would also be supported by our expectation that JBS will maintain strong operations and demonstrate a sustainable deleveraging trend, in part because of Pilgrim's Pride's still favorable operating outlook.”
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