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Bond Market News
Amaggi Downgraded to B+ by Fitch
July 13, 2026
– Vandit P
Andre Maggi Participacoes S.A. (Amaggi) was downgraded by a notch to B+ from BB- by Fitch. The agency also downgraded the senior debt of Amaggi Luxembourg International S.a r.l. to B+. The downgrade follows Amaggi’s acquisition of a 40% stake in FS Industria de Combustiveis Ltda. and related companies, funded with $700mn of new debt. Fitch believes the deal weakens the company’s credit profile and financial flexibility. Leverage is expected to stay elevated longer than previously anticipated. Readily Marketable Inventories (RMI) leverage is projected at 7.1x in 2026, 6.6x in 2027, and 6.1x in 2028, while net leverage is expected to stay above 4.0x through that period. Although the transaction improves diversification and deepens Amaggi’s presence in the corn value chain, its access to FS’s cash flow will be limited to dividends. Fitch forecasts EBITDA margins near 5.3% in 2026, up from 3.6% in 2024, with operating cash flow of $209mn in 2026 and $252mn in 2027.
Its 5.25% 2028s were stable at 97.8, yielding 6.8%.
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