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S&P trims Moy Park view to negative
S&P said it revised its outlook on Moy Park Holdings Europe to negative from stable following the same outlook revision on its parent, Brazil-based meat processor JBS SA.
At the same time, S&P affirmed the BB long-term corporate credit rating on Moy Park. S&P also affirmed the issue ratings on the existing £300 million senior unsecured notes due 2021 at BB. The recovery rating of 3 on these notes remains unchanged, reflecting an expectation of average (50%-70%) recovery in the event of a payment default.
“We revised the outlook on JBS to negative from stable on May 12, 2016, following weak first-quarter results and ongoing concerns about the company’s financial policy,” S&P said in a news release.
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