Marfrig Frigorificos E Comercio De Alimentos S.A. http://www.alacrastore.com/company-snapshot/Marfrig_Frigorificos_E_Comercio_De_Alimentos_S_A-3905113 Monday, October 06, 2008 6:55:09 PM 3905113 Marfrig Frigorificos E Comercio De Alimentos S.A. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/fitch/404766_report_framefitch/404766_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Marfrig Frigorificos E Comercio De Alimentos S.A.872273749/25/2008 6:32:42 PM0103000001030100425Full Rating ReportMRFG3404766_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/403398_report_framefitch/403398_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Marfrig Frigorificos E Comercio De Alimentos S.A.872273749/22/2008 6:31:00 PM0103000001030100425Full Rating ReportMRFG3403398_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/432218_pr_framefitch/432218_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Marfrig Frigorificos E Comercio De Alimentos S.A.872273749/3/2008 6:33:00 PM010300000103010085Press ReleaseMRFG3432218_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/moodys/PR_158098_809969641moodys/PR_158098_809969641htmlGlobal Credit Research Rating Action ## JUN #### Rating Action: Marfrig Overseas Limited Moody's places Marfrig's B# ratings on review for possible downgrade USD ### million of rated debt affected Sao Paulo, June ##, #### -- Moody's...6/26/2008 12:33:15 AMhtmlMarfrig Overseas LimitedMarfrig Frigorificos e Comercio Alim. S.A.Marfrig Frigorificos e Comercio Alim. S.A.; Marfrig Overseas Limited809969641809870321150.0000NewsRating ActionPR_158098_809969641Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/655897spcred/655897normThe latest News from S&Pglobal6/24/2008 6:28:24 PM100News655897BrazilLatin AmericaEmerging MarketsGlobal IssuersCorporationsConsumer ProductsNewsSAO PAULO (Standard&Poor's) June 24, 2008--Standard&Poor's Ratings Services said today that it placed its 'B+' long-term corporate credit rating on Brazil-based meat-processing company Marfrig Frigoríficos e Comércio de Alimentos S.A. (Marfrig) on CreditWatch with negative implications. "The CreditWatch placement follows Marfrig's announcement that it has formalized a firm commitment to acquire OSI Group's businesses in Brazil and in several European countries, including 15 manufacturing facilities for further processed and industrialized products and poultry slaughtering, with annual revenues of $2 billion," said Standard&Poor's credit analyst Vivian Zietemann. The deal is valued initially at $680 million with a potential additional payment in the future of up to $220 million linked to future performance of the EuropeanBRA56656PMarfrig Frigorificos e Comercio de Alimentos S.A.407591LATAMERICAEMERGINGMRFG3@BZNEWSGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/655898spcred/655898normThe latest Research Update from S&Pglobal6/24/2008 6:28:24 PM175Research Update655898BrazilLatin AmericaEmerging MarketsGlobal IssuersCorporationsConsumer ProductsResearch UpdateOn June 24, 2008, Standard&Poor's Ratings Services placed its 'B+' long-term corporate credit rating on Brazil-based meat-processing company Marfrig Frigoríficos e Comércio de Alimentos S.A. (Marfrig) on CreditWatch with negative implications. The CreditWatch placement follows Marfrig's announcement that it has formalized a firm commitment to acquire OSI Group's businesses in Brazil and in several European countries, including 15 manufacturing facilities for further processed and industrialized products and poultry slaughtering, with annual revenues of $2 billion. The deal is valued initially at $680 million with a potential additional payment in the future of up to $220 million linked to future performance of the European businesses. The CreditWatch indicates that we could lower or affirm the ratings on Marfrig afterBRA56656PMarfrig Frigorificos e Comercio de Alimentos S.A.407591LATAMERICAEMERGINGMRFG3@BZRESUPDGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/621929spcred/621929normThe latest Full Report from S&P12/20/2007 6:40:02 PMFull Report400global621929BrazilEmerging MarketsLatin AmericaGlobal IssuersCorporationsConsumer ProductsFull ReportLow-cost position, in line with other Brazilian meat producers Relatively diversified business profile with off-shore revenues representing about 40% of total revenues Stronger focus on premium cuts and niche products Volatile operating environment Aggressive growth strategy involving investments in capacity and acquisitions Weaker operating performance and cash-flow generation than that of peers Highly leveraged capital structure Standard&Poor's Ratings Services' rating assigned to Marfrig Frigoríficos e Comércio de Alimentos S.A. (Marfrig) reflects the company's lower-than-expected cash-flow generation, leading to weak credit metrics for the rating category, associated with the company's aggressive growth strategy in 2007 and beyond. In our opinion, the company will report negative discretionary cash flow in the future, limiting the potential improvement to its financial profile.BRA56656PMarfrig Frigorificos e Comercio de Alimentos S.A.407591EMERGINGLATAMERICAFULLGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/621930spcred/621930normThe latest Summary from S&P12/20/2007 6:40:02 PMSummary175global621930BrazilEmerging MarketsLatin AmericaGlobal IssuersCorporationsConsumer ProductsSummaryStandard&Poor's Ratings Services' rating assigned to Marfrig Frigoríficos e Comércio de Alimentos S.A. (Marfrig) reflects the company's lower-than-expected cash-flow generation, leading to weak credit metrics for the rating category, associated with the company's aggressive growth strategy in 2007 and beyond. In our opinion, the company will report negative discretionary cash flow in the future, limiting the potential improvement to its financial profile. Negative rating factors are partly offset by the company's improved business diversification, its relatively good distribution of sales in both local and external markets, and the company's competitive cost position with Brazilian beef producers. Although Marfrig's EBITDA margin consistently showed gradual improvement (12.2% in the 12 months ended September 2007 compared to 11.7% in December 2006BRA56656PMarfrig Frigorificos e Comercio de Alimentos S.A.407591EMERGINGLATAMERICASUMMARYGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/620512spcred/620512normThe latest News from S&P12/17/2007 7:17:48 PMNews100global620512BrazilEmerging MarketsLatin AmericaGlobal IssuersCorporationsConsumer ProductsNewsSAO PAULO (Standard&Poor's) Dec. 17, 2007—Standard&Poor's Ratings Services said today that it revised the outlook on Brazil-based meat processing company Marfrig Frigoríficos e Comércio de Alimentos S.A. (Marfrig) to negative from stable. At the same time, we affirmed our 'B+' corporate credit rating on Marfrig and on its $375 million notes due 2016. Pro forma fiscal 2007, we expect Marfrig to report about $800 million of total debt. "The rating action reflects Marfrig's lower-than-expected cash flow generation, leading to weak credit metrics for the rating category, associated with the company's aggressive growth strategy in 2007 and beyond. In our opinion, the company will report negative discretionary cash flow in the future, limiting the potential improvement toBRA56656PMarfrig Frigorificos e Comercio de Alimentos S.A.407591EMERGINGLATAMERICANEWSGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/620513spcred/620513normThe latest Research Update from S&P12/17/2007 7:17:48 PMResearch Update175global620513BrazilEmerging MarketsLatin AmericaGlobal IssuersCorporationsConsumer ProductsResearch UpdateOn Dec. 17, 2007, Standard&Poor's Ratings Services revised the outlook on Brazil-based meat processing company Marfrig Frigoríficos e Comércio de Alimentos S.A. (Marfrig) to negative from stable. At the same time, we affirmed our 'B+' corporate credit rating on Marfrig and on its $375 million notes due 2016. Pro forma fiscal 2007, we expect Marfrig to report about $800 million of total debt. The rating action reflects Marfrig's lower-than-expected cash flow generation, leading to weak credit metrics for the rating category, associated with the company's aggressive growth strategy in 2007 and beyond. In our opinion, the company will report negative discretionary cash flow in the future, limiting the potential improvement to its financial profile. Negative rating factors areBRA56656PMarfrig Frigorificos e Comercio de Alimentos S.A.407591EMERGINGLATAMERICARESUPDGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Research