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Bond Market News
BRF Upgraded to BB+ on Acquisition by Marfrig
August 8, 2025
BRF was upgraded to BB+ from BB by S&P, citing alignment of its credit quality with Marfrig Global Foods. The move follows the approval of BRF’s full incorporation into Marfrig by both companies’ shareholders. S&P cites BRF’s solid profitability, with margins expected around 15% and EBITDA of about BRL 10bn ($1.85bn) in 2025. In 2024 itself, BRF generated over 70% of Marfrig’s EBITDA, and S&P expects the same for 2025 as well. S&P also expects BRF to maintain its low leverage comfortably below 2.0x in 2025.
Once concluded, the merger will result in BRF being fully absorbed by Marfrig, ultimately forming a new combined entity, MBRF. Minority shareholders can swap each BRF share for 0.8521 shares of Marfrig. Additional dividend payouts of BRL 3.5bn ($646 mn) for BRF and BRL 2.5bn ($461 mn) for Marfrig are slated for the fourth quarter, subject to withdrawal rights.
BRF’s 4.875% 2030s were trading stable at 96.5 and yielding 5.78%.
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