A proposito di Marfrig....
Announcement: Sale of Seara is positive for Marfrig, but will pressure JBS's credit metrics
Global Credit Research - 11 Jun 2013
Sao Paulo, June 11, 2013 -- Moody's Investors Service commented today that the sale of Marfrig's Seara Brasil and Zenda leather operations to JBS for BRL 5.85 billion (USD 2,8 billion) announced on June 10 is a credit positive for Marfrig (B2 RUR-Down) and a credit negative for JBS (Ba3 RUR-Down) over a shorter term horizon. For further details please refer to the Issuer Comment dated June 11, 2013 and posted on www. moodys.com.
C'è il report su marfrig di moodys, ma è a pagamento, se magari qualche benefattore riuscisse a pastarlo...
13 Jun 2013 Issuer Comment JBS' Purchase of Marfrig Unit Is Credit Negative for JBS, Credit Positive for Marfrig
nel mentre però le due sorellastre si scornano:
Fitch Downgrades Marfrig's IDR to 'B'; Ratings Placed on Watch Negative Ratings Endorsement Policy
06 Jun 2013 10:51 AM (EDT)
Fitch Ratings-New York-06 June 2013: Fitch Ratings has downgraded to 'B' from 'B+' all international scale ratings of Marfrig Alimentos S.A. (Marfrig) and its subsidiaries. Concurrently Fitch has downgraded Marfrig's national scale rating to 'BBB(bra)' from 'BBB+(bra)', as well as its debentures due in 2015. Fitch has also placed the ratings for Marfrig and its subsidiaries on Rating Watch Negative. A full list of the rating actions follows at the end of this press release.
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5 giorni dopo s&p
SAO PAULO (Standard & Poor's) June 11, 2013--Standard & Poor's Ratings
Services placed its 'B' ratings on Marfrig Alimentos S.A. (Marfrig) on
CreditWatch with positive implications.
The CreditWatch placement follows Marfrig's announcement that it agreed to
sell its Brazilian poultry operations of Seara Brasil and its Uruguay-based
leather producer Zenda to JBS S.A., which will assume R$5.85 billion of debt
from Marfrig. With the transaction, we expect Marfrig to significant reduce
its debt, potentially beyond our expectations for the rating affirmation with
a stable outlook. At the same time, we want to further monitor the impact on
the company's cash flow, capital structure, and financial policy following the
transaction. After our analysis, we believe we could affirm the ratings with a
stable outlook or raise them by one notch, depending on the extent of
improvement in credit metrics and the drop in interest burden through the debt
reduction.
Seara Brasil, which is the second-largest poultry and pork producer and
exporter in Brazil, added business diversification to Marfrig. However, the
sizable investments and working capital needs, as well as the challenging
operating conditions for poultry producers in 2012 hindered Marfrig's
potential cash flow generation, which helped to deteriorate its "highly
leveraged" financial risk profile. Following the completion of the deal, we
expect Marfrig's capital structure to improve significantly, suiting its debt
maturities to its internal cash generation.
Announcement: Sale of Seara is positive for Marfrig, but will pressure JBS's credit metrics
Global Credit Research - 11 Jun 2013
Sao Paulo, June 11, 2013 -- Moody's Investors Service commented today that the sale of Marfrig's Seara Brasil and Zenda leather operations to JBS for BRL 5.85 billion (USD 2,8 billion) announced on June 10 is a credit positive for Marfrig (B2 RUR-Down) and a credit negative for JBS (Ba3 RUR-Down) over a shorter term horizon. For further details please refer to the Issuer Comment dated June 11, 2013 and posted on www. moodys.com.
C'è il report su marfrig di moodys, ma è a pagamento, se magari qualche benefattore riuscisse a pastarlo...
13 Jun 2013 Issuer Comment JBS' Purchase of Marfrig Unit Is Credit Negative for JBS, Credit Positive for Marfrig
nel mentre però le due sorellastre si scornano:
Fitch Downgrades Marfrig's IDR to 'B'; Ratings Placed on Watch Negative Ratings Endorsement Policy
06 Jun 2013 10:51 AM (EDT)
Fitch Ratings-New York-06 June 2013: Fitch Ratings has downgraded to 'B' from 'B+' all international scale ratings of Marfrig Alimentos S.A. (Marfrig) and its subsidiaries. Concurrently Fitch has downgraded Marfrig's national scale rating to 'BBB(bra)' from 'BBB+(bra)', as well as its debentures due in 2015. Fitch has also placed the ratings for Marfrig and its subsidiaries on Rating Watch Negative. A full list of the rating actions follows at the end of this press release.
bla bla bla
5 giorni dopo s&p
SAO PAULO (Standard & Poor's) June 11, 2013--Standard & Poor's Ratings
Services placed its 'B' ratings on Marfrig Alimentos S.A. (Marfrig) on
CreditWatch with positive implications.
The CreditWatch placement follows Marfrig's announcement that it agreed to
sell its Brazilian poultry operations of Seara Brasil and its Uruguay-based
leather producer Zenda to JBS S.A., which will assume R$5.85 billion of debt
from Marfrig. With the transaction, we expect Marfrig to significant reduce
its debt, potentially beyond our expectations for the rating affirmation with
a stable outlook. At the same time, we want to further monitor the impact on
the company's cash flow, capital structure, and financial policy following the
transaction. After our analysis, we believe we could affirm the ratings with a
stable outlook or raise them by one notch, depending on the extent of
improvement in credit metrics and the drop in interest burden through the debt
reduction.
Seara Brasil, which is the second-largest poultry and pork producer and
exporter in Brazil, added business diversification to Marfrig. However, the
sizable investments and working capital needs, as well as the challenging
operating conditions for poultry producers in 2012 hindered Marfrig's
potential cash flow generation, which helped to deteriorate its "highly
leveraged" financial risk profile. Following the completion of the deal, we
expect Marfrig's capital structure to improve significantly, suiting its debt
maturities to its internal cash generation.
Ultima modifica:
. Roba da matti! Per fortuna che consideriamo i norvegesi gente seria 
domani) è un altro