Fitch upgrades Marfrig

Fitch Ratings said it upgraded Marfrig Global Foods SA’s long-term foreign- and local-currency issuer default ratings to BB from BB and MARB BondCo plc and NBM US Holdings, Inc.’s senior unsecured notes to BB from BB-.

Also, Fitch upgraded Marfrig’s national scale rating to AA+ (bra) from AA-(bra).

“The upgrades reflect Marfrig’s improved business and financial profile over the past few years. The company’s 81.7% stake in National Beef has lowered its exposure to Brazil and has diversified its exposure to two cattle cycles and has improved its access to more markets. Strong industry conditions in 2020 have resulted in extraordinarily strong cash flow in the U.S., which has further enhanced the company’s liquidity and capital structure,” Fitch said in a press release.

The outlook is stable.

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