Moody's upgrades JBS

Moody's upgrades JBS

Credit Ratings Moody's Investors Service Debt Brazil United States

Moody's has upgraded Brazilian meat company JBS to Ba1 from Ba2 on better results, improved liquidity and lower refinancing risk, it said in a report on Wednesday. "JBS has implemented a number of initiatives to extend debt maturities, amortize debt and reduce funding costs, supported by clear financial policies for minimum cash requirement and leverage," Moody's said. As a result, JBS has lowered its leverage target to two to three times EBITDA, rising to 3.75 times EBITDA in times of expansion

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