Fitch cuts Globoaves after pulled bond

Fitch cuts Globoaves after pulled bond

Corporate & Sovereign Strategy

Fitch has cut the rating of Brazilian poultry and meat producer Globoaves a notch to B- after the company failed to sell a $200m five-year bond in July. Lead managers BCP Securities, BTG Pactual and Santander released initial price thoughts of mid-11% area but the proposed deal did not gain traction among investors. “This bond was crucial for improving the company's liquidity position and lengthening its debt structure,” Fitch said. As of September 30, Globoaves reported consolidated cash of BRL

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