...May 12, 2021 - Netherlands-based plant-based food producer Upfield (Sigma HoldCo BV) reported material negative free operating cash flow (FOCF) in 2020, translating into a significant increase in S&P Global Ratings-adjusted debt to EBITDA to almost 10.5x at year-end 2020. - Upfield has deviated from our expected deleveraging trajectory, and we now forecast leverage will only slightly reduce in 2021 to 9.0x-9.5x, given separation-related expenses and nonrecurring costs will continue to weigh on FOCF generation. - Therefore, we lowered to 'B' from 'B+' our ratings on Upfield, its 700 million revolving credit facility (RCF), and its 4,325 million term loan due 2025. At the same time, we lowered the rating on its 1,075 million unsecured notes due 2026 to '###+' from 'B-'. - The stable outlook reflects our view that Upfield will post positive organic growth, manage inflationary pressure, and deliver expected value-creation savings, supporting annual FOCF in excess of 150 million from 2021 and...
