Fitch Negative on Brazilian Protein

Fitch Negative on Brazilian Protein

Brazil Corporate & Sovereign Strategy

Fitch has altered the outlooks on the ratings for Brazilian protein exporters JBS, Brasil Foods, and Marfrig, from stable to negative, it says. The agency’s move was prompted by the recent increase in the international corn and soybean prices due to the severe drought in the US which damaged the crop and lowered crop yield expectations precipitously. While companies in the sector are usually able to deal with price fluctuations, Fitch notes that JBS and Marfrig are in the middle of deleveraging

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