INDEBTEDNESS AND RATINGS

Accompany the company‘s profile and debt securities

Debt Securities Issued

SecurityPrincipalIssue DateMaturityCouponInterest Payment
BRF GmbH26 US$ 500 million 9/22/2016 9/29/2026 4.350% a.a. Semiannual
BRF 22 € 500 million 5/29/2015 6/03/2022 2.750% a.a. Annual
BRF 24 US$ 750 million 5/15/2014 5/22/2024 4.750% a.a. Semiannual
BRF 23 US$ 500 million 5/15/2013 5/22/2023 3.950% a.a. Semiannual
BRF 18 R$ 500 million 5/15/2013 5/22/2018 7.750% a.a. Semiannual
BRF 22 US$ 750 million 5/31/2012 6/6/2022 5.875% a.a. Semiannual
BFF20 US$ 750 million 1/21/2010 1/28/2020 7.25% a.a. Semiannual

Debt Profile

Debt In 12/31/16 In 12/31/15
R$ MillionCurrentNon CurrentTotalTotal% Ch.
Local Currency (1,988) (6,656) (8,644) (3,820) 126.3
Foreign Currency (1,787) (9,062) (10,848) (12,026) (9.8)
Gross Debt (3,775) (15,717) (19,492) (15,846) 23.0
Cash Investments
Local Currency 4,521 807 5,328 1,711 211.5
Foreign Currency 2,875 148 3,023 6,799 (55.5)
Total Cash Investments 7,395 955 8,351 8,509 (1.9)
net Accounting Debt 3621 (14,762) (11,141) (7,337) 51.9
Exchange Rate Exposure - US$ Million (184) (40) 361.5

ratings

AgencyRatingOutlookLast Revision
DomesticGlobalDomesticGlobal
Standard & Poor‘s brAAA BBB- Stable Stable August, 2017
Fitch Ratings AAA (bra) BBB Stable Negative October, 2016
Moody‘s Investors Service - Ba1 - Negative February, 2016
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