Marfrig Holdings Europe B.V.'s Planned $300 Million Senior Unsecured Notes Rated 'B+'
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Published Jan 09, 2013
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SAO PAULO (Standard&Poor's) Jan. 9, 2013--Standard&Poor's Ratings Services said today that it assigned its 'B+' rating to Marfrig Holdings Europe B.V.'s planned $300 million senior unsecured notes due 2017. The rating on the issue reflects the credit quality of both Brazil-based Marfrig Alimentos S.A. (Marfrig; B+/Negative/--), which will irrevocably and unconditionally guarantee the bonds, and its most relevant operating subsidiaries; we analyze these as a single group. The proposed bond issuance, together with the company's recent equity offering through which Marfrig raised about R$1 billion (or about $500 million), will improve its capital structure by reducing overall debt and extending its maturities, lowering the company's annual refinancing risks and sizable interest rate burden. "We expect Marfrig
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RESEARCH Ratings Definitions PDF Marfrig Holdings Europe B.V.'s Planned $300 Million Senior Unsecured Notes Rated 'B+' Publication date: 09-Jan-2013 Primary Credit Analyst: Flavia M Bedran, Sao Paulo (55) 11-3039-9758; firstname.lastname@example.org...
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.