S&P upgrades Marfrig

Standard & Poor’s said it raised the global scale corporate credit and issue-level ratings on Marfrig Global Foods SA to B+ from B and national scale corporate credit rating to brBBB from brBBB-.

The outlook is stable.

The upgrades reflect the company’s improvements in its capital structure and liquidity as a result of liability management in its debt structure and higher export volumes and prices in Brazil, S&P said.

The company’s divestment from Seara’s poultry operations in 2013 transferred almost R$6 billion of debt to its competitor JBS, which reduced total debt significantly, the agency said.

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