Fitch upgrades JBS rates notes BBB-

Fitch Ratings said it upgraded JBS SA's long-term foreign- and local-currency issuer default ratings to BBB- from BB+. Fitch also raised the senior unsecured notes guaranteed by JBS and assigned a BBB- to the new benchmark senior unsecured sustainability-linked notes issued by JBS Finance Luxembourg Sarl, also guaranteed by JBS SA. The national scale rating is affirmed at AAA (bra).

“The upgrade to BBB- reflects JBS' strong business profile, low leverage, strong liquidity and positive FCF generation, favorable debt amortizing profile, track record of access to the international market and the recent settlement with the Department of Justice (DoJ) of its parent company. The ratings continue to remain constrained by its corporate governance structure and ownership concentration,” the agency said in a press release.

The outlook is stable.

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