Fitch Sees High JBS Leverage

Fitch has assigned a B+ to Brazilian beef producer JBS, it says. The agency based its ratings on JBS’ strong competitive position and high liquidity, but also cyclical risks, high leverage and aggressive growth strategy. Fitch expects the credit ratings to strengthen as it begins to consolidate the acquisitions of Tasman and Smithfield beef made earlier this year. The outlook is stable. Moody’s rates JBS an equivalent B1, and Standard & Poor’s B+.