JBS S.A. http://www.alacrastore.com/company-snapshot/JBS_S_A-3971599 Saturday, July 26, 2008 1:33:02 PM 3971599 JBS S.A. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/635564spcred/635564normThe latest Summary from S&P3/13/2008 6:32:44 PMSummary175global635564BrazilPackaged Foods & MeatsEmerging MarketsLatin AmericaGlobal IssuersCorporationsConsumer ProductsSummaryStandard&Poor's Ratings Services' ratings on beef producer JBS S.A. reflect the company's exposure to the volatile, highly competitive, and working capital-intensive meat industry; fiercer global market conditions for beef processors, especially in the U.S. and in South America, where most of company's operations are located; JBS' highly leveraged capital structure and somewhat weak cash flows (following the conclusion of successive acquisitions last year); and an aggressive growth strategy based on acquisitions. These negative factors are partly offset by JBS' leading position in the global meat industry with a diversified asset portfolio in the Americas, Europe, and the Pacific region; the company's expertise in the business and experienced management team; and its adequate cash position. JBS' business and financialBRA46611030202030 302020 3020 30JBS S.A.396655EMERGINGLATAMERICAJBSS3@BZSUMMARYGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/635567spcred/635567normThe latest Full Report from S&P3/13/2008 6:32:44 PMFull Report400global635567BrazilPackaged Foods & MeatsEmerging MarketsLatin AmericaGlobal IssuersCorporationsConsumer ProductsFull ReportLeading position in the global beef business, benefiting from a diversified asset base (in the Americas, Europe, and the Pacific region) Experienced management with strong expertise in the business Adequate cash position Volatile, cyclical, and working capital-intensive business Fierce market conditions in the U.S. and increasingly challenging markets in South America High financial leverage and somewhat weak cash flows after successive acquisitions Aggressive financial profile and growth strategy based on acquisitions Standard&Poor's Ratings Services' ratings on beef producer JBS S.A. reflect the company's exposure to the volatile, highly competitive, and working capital-intensive meat industry; fiercer global market conditions for beef processors, especially in the U.S. and in South America, where most of company's operations are located; JBS' highlyBRA46611030202030 302020 3020 30JBS S.A.396655EMERGINGLATAMERICAJBSS3@BZFULLGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_150522_809133507moodys/PR_150522_809133507htmlGlobal Credit Research Announcement # MAR #### Announcement: JBS S.A. Moody's continues to review JBS ratings for possible downgrade after acquisitions Approximately USD ### million of rated debt affected Sao Paulo, March ##, ####...Announcement3/6/2008 1:40:42 AMJBS S.A.809133507150.0000Newshtml1488National Beef Packing Company IncorporatedJBS S.A.; National Beef Packing Company IncorporatedPR_150522_809133507Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/634136spcred/634136normThe latest News from S&P3/5/2008 6:34:08 PMNews100global634136BrazilPackaged Foods & MeatsEmerging MarketsLatin AmericaGlobal IssuersCorporationsConsumer ProductsNewsSAO PAULO (Standard&Poor's) March 5, 2008--Standard&Poor's Ratings Services said today that it affirmed its 'B+' long-term corporate credit rating on Brazil-based beef processor, JBS S.A. (JBS). At the same time, we affirmed our rating on JBS's outstanding $575 million, long-term international bonds. The outlook on JBS remains negative. We also affirmed our 'B+' corporate credit rating and other ratings on U.S.-based beef processor National Beef Packing Co. LLC (National Beef; B+/Negative/--). The outlook is negative. We expect the $160 million notes (10.5% interest rate) to be repaid at the closing of the transaction, at which point we would withdraw the ratings on National Beef. In addition, the 'BB+' long-term corporate credit rating on Smithfields Foods Inc.BRA46611030202030 302020 3020 30JBS S.A.396655EMERGINGLATAMERICAJBSS3@BZNEWSGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/634137spcred/634137normThe latest Research Update from S&P3/5/2008 6:34:08 PMResearch Update175global634137BrazilPackaged Foods & MeatsEmerging MarketsLatin AmericaGlobal IssuersFinancial InstitutionsCorporationsConsumer ProductsResearch UpdateOn March 5, 2008, Standard&Poor's Ratings Services affirmed its 'B+' long-term corporate credit rating on Brazil-based beef processor, JBS S.A. (JBS). At the same time, we affirmed our rating on JBS's outstanding $575 million, long-term international bonds. The outlook on JBS remains negative. We also affirmed our 'B+' long-term corporate credit rating and other ratings on U.S.-based beef processor National Beef Packing Co. LLC (National Beef; B+/Negative/--). The outlook is negative. We expect the $160 million notes (10.5% interest rate) to be repaid at the closing of the transaction, at which point we would withdraw the ratings on National Beef. In addition, the 'BB+' long-term corporate credit rating on Smithfields Foods Inc. remains on CreditWatch with negative implications,BRA46611030202030 302020 3020 30JBS S.A.396655EMERGINGLATAMERICAJBSS3@BZRESUPDUSA63488483224830202030 302020 3020 30National Beef Packing Co LLCSmithfield Foods Inc.372229319261USA209759ZSFDGLOBISSFICORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/COP_809133507moodys/COP_809133507htmlCredit Opinion1/4/2008 2:20:53 AMGlobal Credit Research Credit Opinion ## SEP #### Credit Opinion: JBS S.A. JBS S.A. Sao Paulo, Brazil Ratings Category Moody's Rating Outlook Negative Corporate Family Rating -Dom Curr B# Bkd Senior Unsecured B# Contacts Analyst Phone...JBS S.A.809133507150.0000NewshtmlJBS S.A.COP_809133507Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_146085_809133507moodys/PR_146085_809133507htmlRating Action12/12/2007 12:18:50 AMGlobal Credit Research Rating Action ## DEC #### Rating Action: JBS S.A. Moody's reviews JBS ratings for possible downgrade Sao Paulo, December ##, #### -- Moody's Investors Service has placed under review for possible downgrade the...JBS S.A.809133507150.0000NewshtmlJBS S.A.PR_146085_809133507Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/618286spcred/618286normThe latest News from S&P12/7/2007 1:15:39 PMNews100global618286BrazilPackaged Foods & MeatsLatin AmericaEmerging MarketsGlobal IssuersCorporationsConsumer ProductsNewsSAO PAULO (Standard&Poor's) Dec. 7, 2007--Standard&Poor's Ratings Services said today that its rating on JBS S.A. (B+/Negative/--) is not immediately affected by JBS' agreement with Italian-based Cremonini S.p.A. whereby JBS will acquire a 50% stake in the share capital of Inalca S.p.A., a European beef company controlled by Cremonini. JBS will spend €225 million (approximately Brazilian reais [R$] 600 million) based on Inalca's enterprise value of €600 million (about R$1.5 billion). We expect JBS to use part of its R$1.6 billion (about $900 million) in cash and market securities at hand by Sept. 30, 2007, to fund the acquisition, which will not immediately affect JBS' credit protection metrics. While we believe Inalca's acquisition will improve JBS'BRA46611030202030 302020 3020 30JBS S.A.396655LATAMERICAEMERGINGFRIBOINEWSGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_141352_809133507moodys/PR_141352_809133507htmlRating Action9/27/2007 12:21:25 AMGlobal Credit Research Rating Action ## SEP #### Rating Action: JBS S.A. Moody's confirms JBS's B# rating with a negative outlook Sao Paulo, September ##, #### -- Moody's Investors Service ("Moody's) confirmed today Brazilian meat...JBS S.A.809133507150.0000NewshtmlJBS S.A.PR_141352_809133507Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/591181spcred/591181norm7/17/2007 9:23:19 PMThe latest News from S&PNewsCLOSURE CATTLE DELIVERS EXPORTS INHERENT TURN MEAT SUSTAINS TURNING COW HIGHLY INFLOWS JBS DIFFERENCES BEEF REDUCES STRAIN COLO CYCLICALITY OFFSETS OVERCAPACITY SWIFT VIEW GREELEY MAD SLAUGHTERING OPERATIONAL ANTICIPATE DETERIORATES PUTTING DISEASE EBITDA LEVERAGEDSAO PAULO (Standard&Poor's) July 17, 2007--Standard&Poor's Ratings Services said today that it affirmed its 'B+' long-term corporate credit rating on Brazilûbased meat-processing company JBS S.A. (JBS) and removed the ratings from CreditWatch with negative implications where they were placed May 29, 2007. The outlook is negative. At the same time, the long-term corporate credit rating on Greeley, Colo.-based Swift&Co. was raised to 'B+' from 'B' and removed from CreditWatch with positive implications where they were placed July 6, 2007. The outlook is negative. The ratings on Swift are subsequently withdrawn at the company's request. Pro forma for the transaction, about $2.1 billion of debt is affected. The rating action reflects the pro-forma combined capitalJBS S.A.30202030 302020 3020 30BRAglobal100.00396655591181Credit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/591182spcred/591182norm7/17/2007 9:23:19 PMThe latest Research Update from S&PResearch UpdateSURPASS CLOSURE CATTLE OPERATION DELIVERS CUSHION EXPORTS INHERENT TURN DEAL MEAT SUSTAINS TURNING COW HIGHLY EXPECT INFLOWS JBS DIFFERENCES BEEF SUCCESSIVE REDUCES INCORPORATE IPO DEPEND STRAIN COLO 5.3X CYCLICALITY OFFSETS OVERCAPACITY SWIFT VIEW GREELEY QUICKER CMLTD MAD ISSUANCES SLAUGHTERING FFO PREVENT OPERATIONAL ANTICIPATE DETERIORATES CONTINUOUS PUTTING DISEASE CONSUME COMPENSATING EBITDA 1.7X LEVERAGEDOn July 17, 2007, Standard&Poor's Ratings Services affirmed its 'B+' long-term corporate credit rating on Brazilûbased meat-processing company JBS S.A. (JBS) and removed the ratings from CreditWatch with negative implications where they were placed May 29, 2007. The outlook is negative. At the same time, the long-term corporate credit rating on Greeley, Colo.-based Swift&Co. was raised to 'B+' from 'B' and removed from CreditWatch with positive implications where they were placed July 6, 2007. The outlook is negative. The ratings on Swift are subsequently withdrawn at the company's request. Pro forma for the transaction, about $2.1 billion of debt is affected. The rating action reflects the pro-forma combined capital structure of JBS after the completion ofJBS S.A.30202030 302020 3020 30BRAglobal100.00396655591182Credit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/590196spcred/590196norm7/11/2007 5:10:17 PMThe latest News from S&PNewsSUBSCRIBE ENTERPRISE DEPEND DETAILS OWNERS INHERENT CAPITALIZE PUTS REAIS ARM MEAT PARTICIPACOES SWIFT BNDESPAR EQUALIZED CONFIRMED ANALYZE OWNER BRAZILIAN INVESTIMENTO MAD FUNDO INFLOW COW HIGHLY ZMF ZIETEMANN R$390 JBS SIGNED DISEASE DEVELOPMENTS DIFFERENCES CONSEQUENT VIVIAN R$1.46 FORMALLYSAO PAULO (Standard&Poor's) July 11, 2007--Standard&Poor's Ratings Services said today that its 'B+' long-term corporate credit rating on Brazilûbased meat processing company JBS S.A. remains on CreditWatch with negative implications, where it was placed May 29, 2007. The initial placement followed JBS' announcement that its controlling shareholder J&F Participat)es (J&F; not rated) had signed an agreement for the acquisition of 100% of U.S.-based Swift&Co. (Swift; B/Watch Pos/--) for $1.4 billion (enterprise value). Recent developments indicate that the acquisition strategy for Swift includes a significant equity contribution and consequent debt reduction at the company. JBS said that BNDESPAR (Brazilian development bank investment arm; not rated) and J&F (and/or holding company ZMF Fundo de Investimento emJBS S.A.30202030 302020 3020 30BRAglobal100.00396655590196Credit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/590197spcred/590197norm7/11/2007 5:10:17 PMThe latest Research Update from S&PResearch UpdateSUBSCRIBE ENTERPRISE DEPEND DETAILS OWNERS INHERENT CAPITALIZE PUTS REAIS ARM MEAT PARTICIPACOES SWIFT BNDESPAR EQUALIZED CONFIRMED ANALYZE OWNER BRAZILIAN INVESTIMENTO MAD FUNDO INFLOW COW HIGHLY ZMF R$390 JBS SIGNED DISEASE DEVELOPMENTS DIFFERENCES CONSEQUENT R$1.46 FORMALLYOn July 11, 2007, Standard&Poor's Ratings Services said that its 'B+' long-term corporate credit rating on Brazilûbased meat processing company JBS S.A. remains on CreditWatch with negative implications, where it was placed May 29, 2007. The initial placement followed JBS' announcement that its controlling shareholder J&F Participat)es (J&F; not rated) had signed an agreement for the acquisition of 100% of U.S.-based Swift&Co. (Swift; B/Watch Pos/--) for $1.4 billion (enterprise value). Recent developments indicate that the acquisition strategy for Swift includes a significant equity contribution and consequent debt reduction at the company. JBS said that BNDESPAR (Brazilian development bank investment arm; not rated) and J&F (and/or holding company ZMF Fundo de Investimento em Participat)es - ZMF; notJBS S.A.30202030 302020 3020 30BRAglobal100.00396655590197Credit & Investment ResearchS&P Credit Research