Fitch rates Sigma notes BBB

Fitch Ratings said it assigned a BBB rating to Sigma Finance Netherlands BV's proposed $500 million senior notes due in 2028.

The notes will be fully and unconditionally guaranteed by Sigma Alimentos, SA de CV and Sigma Alimentos' subsidiaries representing 50% of its consolidated total assets and around 67% of its consolidated EBITDA as of and for the year ended Dec. 31.

The net proceeds will be used to repay €400 million notes due in 2022 of Campofrio Food Group, SA.

Fitch said the rating of the proposed senior notes reflects the credit profile of Sigma Alimentos.

“Sigma Alimentos' ratings reflects its solid business position as a leading producer of branded refrigerated foods such as cooked meats, dry meats, cheese, yogurt and other refrigerated and frozen foods with operations in Mexico, Europe, U.S. and Latin America,” the agency said in a news release.

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