Fitch rates BRF debt BB+: what it means for BRF stock

Published on 10/02/2026 at 20:09 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Fitch assigns BRF debt a BB+ rating on September 28, 2026. For BRF stock, revenue reached BRL 15.97 billion and net income BRL 499 million.

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Fitch Ratings assigned a BB+ rating to proposed senior unsecured notes guaranteed by BRF S.A. on September 28, 2026, giving BRF stock a fresh credit-market reference. The agency kept BRF's issuer default ratings at BB+ with a Stable Outlook, while its forecast points to leverage and cash flow as the central tests for the protein producer.

What the BB+ rating means

According to Fitch Ratings on September 28, 2026, the notes will support liability management and are guaranteed by BRF, MBRF and other group entities. Fitch expects consolidated deleveraging to begin in 2027, after challenging market conditions delayed the process during 2026.

The agency revised its 2026 EBITDA gross leverage expectation to 5.70x from 4.80x and net leverage to 3.90x from 3.40x. That comparison matters because the rating outlook depends on debt reduction rather than on revenue growth alone.

Second-quarter profit shows the pressure

AInvest reported that BRF generated BRL 15.97 billion of revenue in the second quarter of 2026, up 4.00 percent year over year. Net income reached BRL 499 million, down 33.00 percent from the comparable period.

The figures create a clear operating contrast: sales expanded while profit contracted. For the poultry exporter, the destination mix and profit per tonne carry more weight than shipment volume alone, especially when premium markets face regulatory restrictions.

Cash flow sets the next test

Fitch expects BRF's EBITDA margin at 14.00 percent in 2026 and 2027, while consolidated capex is forecast at BRL 5.00 billion in 2026 and BRL 4.00 billion in 2027. The agency also expects dividend payout at 25.00 percent of net income.

Fitch's framework gives investors a measurable balance-sheet path: gross debt is expected to decline by BRL 4.00 billion in 2027, while net leverage is projected to fall toward 3.50x in 2027 and 3.00x in 2028. The key question is whether poultry performance can offset pressure elsewhere in the protein portfolio.

BRF stock and the credit path

GetSignal identifies BRF S.A. as a NYSE-listed packaged-foods company under the BRFS ticker. The credit update therefore adds a balance-sheet lens to the operating comparison from the second quarter of 2026, with leverage, capex and margin figures defining the next stage of the investment case.