Moody’s cuts Quickfood notes to Ba2

Moody's Latin America said it downgraded the global scale ratings of Quickfood SA's senior unsecured notes guaranteed by BRF SA (Ba2 negative) to Ba2 from Ba1.

The Aaa.ar national scale ratings were affirmed and the outlooks remain negative.

Quickfood's corporate family rating remains at B3/Baa2.ar with a stable outlook. The company's stable (multiple) outlook recognizes an unchanged stable outlook of the corporate family rating and the maintaining of the negative outlook of the guaranteed notes.

The action mirrors Moody's Investors Service’s March 6 downgrade of BRF's corporate family rating to Ba2 from Ba1.

The negative outlook of the notes also mirrors the negative outlook of BRF rating.

BRF fully and unconditionally guarantees the instruments, which would cause an acceleration of most of the parent's debt in the event of a default, the agency noted.

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