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S&P raises Pilgrim’s Pride
S&P said it upgraded Pilgrim’s Pride Corp. and its senior unsecured debt to BB+ from BB, The 3 recovery rating (50%-70%; rounded estimate: 65%) on the senior unsecured debt is unchanged. The outlook is stable.
“The upgrade and stable outlook follow a similar action on Pilgrim's Pride parent JBS, a Brazil-based protein processor. The upgrade reflects JBS' strong cash flows and our expectation that JBS will continue to reduce leverage below 2.5x in the next year,” S&P said in a press release.
The BBB- issue-level rating and 1 recovery rating (90%-100%; rounded estimate: 95%) on the company's senior secured debt are unchanged.
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