Paraguay-based meatpacker Frigorifico Concepcion (B/B) has not been able to resolve creditors’ concerns regarding liquidity pressures and its relationship with certain trading partners, despite having received a clean opinion in its final audited 2023 financial statements, said three buyside sources and a lawyer following the matter.

In early May, the company received a preliminary qualified opinion from PWC on its 2023 financial statements due to a “lack of financial transparency” and “lack of clarity” regarding trade receivables with Brazilian companies Betampex Comercio Exportacao e Importacao and Nostro Beef, as reported.

PWC removed the “qualified” status in late May and issued a clean opinion. Still, Frigorifico Concepcion’s credit rating was downgraded to B from B+ by Fitch in late May and recently placed on CreditWatch negative by S&P.