Fitch downgrades BRF, notes to BBB-

Fitch Ratings said it downgraded BRF SA's long-term foreign and local currency issuer default rating and senior unsecured notes to BBB-/stable from BBB/negative.

The agency affirmed the national rating at AAA(bra)/stable.

“The downgrade reflects BRF's cash flow volatility and elevated leverage following a sharp downturn in its operating performance in 2016 and 2017,” Fitch said in a news release.

“The negative rating action also reflects uncertainty as to the strategy and capital structure that will be implemented by the future CEO of the company.”

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