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S&P could lower Pilgrim’s Pride
S&P said it placed the ratings, including the BB corporate credit rating, on Pilgrim's Pride Corp. on CreditWatch with negative implications.
The CreditWatch placement follows a similar action on parent company JBS SA.
S&P said the CreditWatch placement for Pilgrim's Pride will be resolved within 90 days, at which time the JBS CreditWatch placement is resolved. That will come once the agency has more information about its refinancing strategy and contingent liabilities arising from the corruption investigations as well as possible changes in the relationship between JBS and Pilgrim's Pride.
In addition, JBS and, in turn, Pilgrim's Pride could be downgraded if S&P perceives weaker access to financing for JBS arising from reputational risks, the agency explained.
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