Brazil-based protein processor Marfrig Global Foods S.A. has proved resilience of EBITDA and cash flow generation due to its sound business and geographic diversification, resulting in a stronger business profile. In addition, after relevant past acquisitions it sold 13 plants to Minerva S.A., which helped it to reduce debt. On Feb. 25, 2025, S&P Global Ratings affirmed its ?BB+? and ?brAAA? corporate global and national scale rating, as well as the ?BB+? issue ratings on Marfrig?s debts with a recovery rating of ?3? (50%). The stable outlook indicates that Marfrig will keep debt to EBITDA below 3.0x despite subdued margins in the U.S. beef operations and larger cash outflows with dividend and investments. We think Marfrig?s business has strengthened amid
