Moody’s Skeptical on Marfrig

Moody’s Skeptical on Marfrig

Brazil Corporate & Sovereign Strategy

Moody's has placed Marfrig’s B2 rating under review for a downgrade, it says, due to deteriorating credit metrics. The Brazilian meatpacker recently announced initiatives to generate working capital savings and reduce debt by BRL2bn ($976m) during 2013. Marfrig generated BRL1.1bn in adjusted negative free cash flow over the last two quarters, Moody’s says, which consumed all of the proceeds from its BRL1.05bn equity follow-on last year. Going forward the company faces BRL3.3bn in maturities in 2

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