Fall-out affects Brazilian leather and beef sector
04/03/2009
The surprising move by Independência to file for bankruptcy protection has led to falls in the value and ratings of several other big players in the Brazilian leather and beef sector.
In the days following the Independência announcement on March 2, shares in Marfrig fell by 3%, while the stock-price of JBS Friboi fell by almost 2.5%.
At the same time, ratings agency Moody's said it was reviewing its position on Bertin, saying the packer and tanning group had a series of challenges to face, notably weaker beef and leather exports, falling margins in the internal Brazilian market, and the rising cost of financing its business.
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