Brazil http://www.alacrastore.com/country-snapshot/Brazil Sunday, July 06, 2008 12:56:31 AM en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/657953spcred/657953normThe latest Full Report from S&Pglobal7/3/2008 4:32:00 PM400Full Report657953BrazilElectric UtilitiesEmerging MarketsLatin AmericaGlobal IssuersUtilitiesElectricFull ReportBenefits of the credit quality of its five subsidiaries, with recent improvements in its financial profiles; Low debt amortization requirements at the holding company level; Stable level of dividends received from its subsidiaries; and Strong economic growth in Energisa's concession areas. Weak operating statistics at one subsidiary; Some exposure to foreign currency-denominated debt (hedging instruments are used); and Exposure to the Brazilian electric sector's regulatory framework. The rating on Energisa S.A. reflects the consolidated credit quality of the following subsidiaries: Energisa Paraíba - Distribuidora de Energia S.A. (Saelpa; BB-/Positive/--), Energisa Sergipe - Distribuidora de Energia S.A. (Energipe; BB-/Stable/--), Energisa Minas Gerais – Distribuidora de Energia S.A. (not rated), Energisa Nova Friburgo – Distribuidora de Energia S.A. (not rated), and EnergisaBRA55101010 551010 5510 55Energisa S.A.344167EMERGINGLATAMERICA1ENGON@BZFULLBRA55101010 551010 5510 55Energisa Sergipe Distribuidora de Energia S.A.Energisa Paraiba - Distribuidora de Energia S.A.344166370435LATAMERICAEMERGING1320Z@BZGLOBISSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/657725spcred/657725normThe latest News from S&Pstructuredglobal7/2/2008 6:24:00 PM100News657725BrazilLatin AmericaGlobal IssuersStructured FinanceFinancial InstitutionsSovereignsCorporationsAsset-Backed SecuritiesCollateralized Debt ObligationsNewsNEW YORK (Standard&Poor's) July 2, 2008--Standard&Poor's Ratings Services today raised its ratings on Brazil's Petroleo Brasileiro S.A. (Petrobras)'s PF Export Receivables Master Trust's future flow transactions series 2003-A and 2003-B (see list). The transactions are securitizations of Petrobras' interest in the proceeds from its fuel oil exports. The 'A-' rating on series 2003-A and the 'A-' underlying rating on series 2003-B reflect the underlying assets' strong performance and Standard&Poor's reassessment of Petrobras' performance risk. The transaction's cash flow relies on factors incorporated in Standard&Poor's performance risk assessment, which reflects Petrobras' ability and willingness to export sufficient fuel oil to cover the debt service on the rated securities even in a state ofBRA69335UPF Export Receivables Master Trust358185LATAMERICANEWSBRA7165J47165J57165J67165J771654V7165J07165J21057567165487165J17165J36284537165K07165K110102010 101020 1010 10Petroleo Brasileiro S.A. - PetrobrasBrazil (Federative Republic of)103887109902LATAMERICAEMERGINGPETR3@BZ1323Z@BZGLOBISSSTRUCFISOVCORPABSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/657143spcred/657143normThe latest News from S&Pglobal6/30/2008 6:23:31 PM100News657143BrazilEmerging MarketsLatin AmericaGlobal IssuersFinancial InstitutionsNewsSAO PAULO (Standard&Poor's) June 30, 2008--Standard&Poor's Rating Services said today that it assigned its 'B-' global scale counterparty credit rating and 'brB+' Brazilian national scale rating, with stable outlooks, to Banco Rural S.A. "The ratings on Rural reflect its very limited financial flexibility because of a liquidity crunch it faced after involvement in a 2005 corruption scandal," said Standard&Poor's credit analyst Ricardo Brito. "They also reflect weak earnings because of Rural's cleanup of its credit portfolio, still small scale for its operational structure, and cap on growth from limited funding options." These risks are partially mitigated by the bank's long track record operating with, and continued business from, small and midsize companies; improved governanceBRABanco Rural S.A.451143EMERGINGLATAMERICANEWSGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/657144spcred/657144normThe latest Research Update from S&Pglobal6/30/2008 6:23:31 PM175Research Update657144BrazilEmerging MarketsLatin AmericaGlobal IssuersFinancial InstitutionsResearch UpdateOn June 30, 2008, Standard&Poor's Rating Services assigned its 'B-' global scale counterparty credit rating and 'brB+' Brazilian national scale rating, with stable outlooks, to Banco Rural S.A. The ratings on Rural reflect its very limited financial flexibility because of a liquidity crunch it faced after involvement in a 2005 corruption scandal. They also reflect weak earnings because of Rural's cleanup of its credit portfolio, still small scale for its operational structure, and cap on growth from limited funding options. These risks are partially mitigated by the bank's long track record operating with, and continued business from, small and midsize companies; improved governance practices; and new capital and deposits from shareholders. With total assets of Brazilian reals (R$)BRABanco Rural S.A.451143EMERGINGLATAMERICARESUPDGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/657159spcred/657159normThe latest Summary from S&Pglobal6/30/2008 6:23:31 PM175Summary657159BrazilElectric UtilitiesEmerging MarketsLatin AmericaGlobal IssuersUtilitiesElectricSummaryThe rating on the Brazilian electric utility Espirito Santo Centrais Eletricas S.A. (ESCELSA) reflects the company's challenges to meet relevant debenture amortization from 2009 to 2014; our expectation that ESCELSA will maintain dividends distribution for the holding company; and the company's exposure to the Brazilian electric sector's regulatory framework, although it has showed a positive track record over the past four years. These weaknesses are partially offset by adequate credit metrics due to company's efforts to improve the debt amortization schedule and to reduce debt; the company's adequate operating statistics (average duration of outages of 11.5 hours per customer and average frequency of outages of 7.7 per customer) and a fair level of total electric losses (13.8%) in 2007; andBRA29665R55101010 551010 5510 55Espirito Santo Centrais Eletricas S.A.316089EMERGINGLATAMERICAESCE3@BZSUMMARYGLOBISSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/657131spcred/657131normThe latest Full Report from S&Pstructuredglobal6/30/2008 6:23:30 PM400Full Report657131BrazilLatin AmericaStructured FinanceGlobal IssuersFinancial InstitutionsSovereignsAsset-Backed SecuritiesFull ReportThis transaction is a securitization of all current and future diversified payment rights (DPRs) in the form of U.S. dollar-and euro-denominated Society for Worldwide Interbank Financial Telecommunication (SWIFT) MT100 and MT200 category payment order messages. These payment order messages are a product of Banco Santander S.A.'s international financial operations. Banco Santander is one of Brazil's leading banks. Payment orders are created as a result of Banco Santander's role as a financial intermediary among foreign payors that send funds to Brazil and resident Brazilian entities that receive these funds. This transaction uses an offshore payment collection mechanism and possesses other structural features designed to mitigate credit risk. The 'A-' rating assigned to Brazil Foreign Diversified Payment Rights Co.'s (Banco Santander) notesBRA10575VBrazil Foreign Diversified Payment Rights Finance Company (Santander Banespa)381771LATAMERICAFULLBRA10575662845340101015 401010 4010 40Brazil (Federative Republic of)Banco Santander S.A. (Brazil)109902355947EMERGINGEUROMIDAFRLATAMERICA1323Z@BZ75423Z@BZSTRUCGLOBISSFISOVABSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/657132spcred/657132normThe latest News from S&Pglobal6/30/2008 6:23:30 PM100News657132BrazilDiversified BanksEmerging MarketsLatin AmericaGlobal IssuersFinancial InstitutionsNewsSAO PAULO (Standard&Poor's) June 30, 2008--Standard&Poor's Ratings Services said today that it assigned its 'B+' foreign-currency debt rating to $100 million in unsecured, unsubordinated, three-year notes of Paraná Banco S.A. (global scale: B+/Stable/B, Brazil national scale: brBBB+/Stable/--), to be issued through its principal office in Brazil. "The ratings on Paraná reflect the bank's challenge to further diversify its funding base and become less dependent on the group's resources, and the potential margin pressures in the medium to long term that could affect profitability," said Standard&Poor's credit analyst Ricardo Brito. The bank is still challenged to increase scale while maintaining adequate asset quality. The long track record in its niche market, good profitability, adequate operatingBRA40101010 401010 4010 40Parana Banco S.A392786EMERGINGLATAMERICAPRBC4@BZNEWSGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/656730spcred/656730normThe latest Summary from S&Pglobal6/27/2008 1:17:38 PM175Summary656730BrazilElectric UtilitiesEmerging MarketsLatin AmericaGlobal IssuersUtilitiesElectricSummaryThe ratings on Eletropaulo Metropolitana Eletricidade de São Paulo S.A. (Eletropaulo) and on its $200 million Brazilian Real-linked bonds reflect a steady financial performance, especially after the results of the second season of its tariff revision (a tariff cut of 8.43%); the benefits from an exclusive concession to distribute electricity in the São Paulo Metropolitan area; and the company's increasing access to the domestic and international credit markets due to its active liability management. At the same time, the ratings reflect the prospects of significant dividend distribution from 2008 and beyond; a significant level of tax provisions that might be enforceable in the medium term (about Brazilian real (BrR) 800 million of tax-related legal disputes); and Eletropaulo's exposure to theBRA28620355101010 551010 5510 55Eletropaulo Metropolitana Eletricidade de Sao Paulo S.A.341599EMERGINGLATAMERICAELPL3@BZSUMMARYGLOBISSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/656492spcred/656492normThe latest News from S&Pglobalstructured6/26/2008 11:26:56 PM100News656492BrazilReal Estate Management & DevelopmentEmerging MarketsLatin AmericaGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesNewsSAO PAULO (Standard&Poor's) June 26, 2008--Standard&Poor's Rating Services said today that it affirmed its 'BB-' long-term global scale corporate credit rating on Brazil-based shopping mall developer BR Malls Participações S.A. At the same time, we lowered our national scale corporate credit rating on the company to 'brA' from 'brA+'. The outlooks are negative. We also lowered the national scale rating on BR Malls' existing Brazilian reals (R$) 300 million debentures due 2014 to 'brA' from 'brA+'. Finally, we affirmed the 'BB-' rating on the existing US$175 million in perpetual bonds issued by subsidiary BR Malls International Finance Ltd. "The rating action reflected our expectation that BR Malls will maintain its aggressive acquisition strategy, resulting on negativeBRA40403010 404030 4040 40BR Malls Participaçoes S.A.420964EMERGINGLATAMERICABRML3@BZNEWSBRA103738BR Malls International Finance Ltd.427900EMERGINGLATAMERICAGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/656452spcred/656452normThe latest Full Report from S&Pglobal6/26/2008 11:26:55 PM400Full Report656452BrazilRegional BanksEmerging MarketsLatin AmericaGlobal IssuersFinancial InstitutionsFull ReportBetter asset quality than its peers' Strong liquidity to face economic downturns Strong profitability and capital base Centralized decision process Competitive markets Challenge to further diversify the deposit base The ratings on Banco Daycoval S.A. reflect its challenges in further diversifying its funding base and continuing to expand its credit portfolio under adequate risk management procedures in a very competitive environment. The bank's positive track record in lending to small and midsize enterprises (SMEs), strong profitability, and commitment to maintaining adequate liquidity and capital partially offset these risks. Daycoval has been able to increase its deposit base by tapping different types of investors after a capital increase resulting from the bank's IPO in June 2007. However, Standard&Poor's RatingsBRA40101015 401010 4010 40Banco Daycoval SA397575EMERGINGLATAMERICADAYC3@BZFULLGLOBISSFICredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/656493spcred/656493normThe latest Research Update from S&Pglobalstructured6/26/2008 11:26:00 PM175Research Update656493BrazilReal Estate Management & DevelopmentLatin AmericaEmerging MarketsGlobal IssuersStructured FinanceCorporationsReal Estate CompaniesResearch UpdateOn June 26, 2008, Standard&Poor's Rating Services affirmed its 'BB-' long-term global scale corporate credit rating on Brazil-based shopping mall developer BR Malls Participações S.A. At the same time, we lowered our national scale corporate credit rating on the company to 'brA' from 'brA+' and lowered the national scale rating on BR Malls' existing Brazilian reals (R$) 300 million debentures due 2014 to 'brA' from 'brA+'. Finally, we affirmed the 'BB-' rating on the existing US$175 million in perpetual bonds issued by subsidiary BR Malls International Finance Ltd. The outlooks are negative. The rating action reflected our expectation that BR Malls will maintain its aggressive acquisition strategy, resulting on negative free operating cash flow for at least theBRA40403010 404030 4040 40BR Malls Participaçoes S.A.420964LATAMERICAEMERGINGBRML3@BZRESUPDBRA103738BR Malls International Finance Ltd.427900EMERGINGLATAMERICAGLOBISSSTRUCCORPRECCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/656327spcred/656327normThe latest Summary from S&Pglobal6/26/2008 3:28:52 PM175Summary656327BrazilElectric UtilitiesEmerging MarketsLatin AmericaGlobal IssuersUtilitiesElectricSummaryThe 'BB-' ratings on Brazilian electric utility Energisa Paraíba – Distribuidora de Energia S.A. (Saelpa; formerly Sociedade Anônima de Eletrificação da Paraíba) and the 'BB-' on its Notes Units issuance reflect the following risks: Weak, but improving, operating statistics, including high outage duration (35.7 hours per customer in 2007), high outage frequency (20.4x per customer in 2007), and a high level of energy losses (total of 20.2% in 2007), which will continue to demand sizable future capital spending. Some exposure to foreign currency-denominated debt (36% of total debt as of March 2008), although Saelpa swaps 100% of its dollar-denominated debt to local currency. Expected larger dividend distribution due to a less expensive and longer debt profile. As an electric powerBRA55101010 551010 5510 55Energisa Paraiba - Distribuidora de Energia S.A.370435EMERGINGLATAMERICASUMMARYBRA55101010 551010 5510 55Energisa S.A.344167EMERGINGLATAMERICA1ENGON@BZGLOBISSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/656186spcred/656186normThe latest News from S&Pglobal6/25/2008 6:23:48 PM100News656186BrazilElectric UtilitiesEmerging MarketsLatin AmericaGlobal IssuersUtilitiesElectricNewsSAO PAULO (Standard&Poor's) June 25, 2008--Standard&Poor's Ratings Services said today it assigned its 'BB-' corporate credit rating to the Brazilian electric utility holding company Energisa S.A. The outlook is stable. The rating reflects the consolidated credit quality of its subsidiaries, basically five electric power distribution utilities: Energisa Paraiba - Distribuidora de Energia S.A. (Saelpa; BB-/Positive/--), Energisa Sergipe Distribuidora de Energia S.A. (Energipe; BB-/Stable/--), Energisa Minas Gerais – Distribuidora de Energia S.A. (not rated), Energisa Nova Friburgo – Distribuidora de Energia S.A. (not rated), and Energisa Borborema – Distribuidora de Energia S.A. (not rated). Of these companies, Energipe and Saelpa currently account for about 70% of the group's cash generation. We expect that Energisa benefits from aBRA55101010 551010 5510 55Energisa S.A.344167EMERGINGLATAMERICA1ENGON@BZNEWSBRA55101010 551010 5510 55Energisa Sergipe Distribuidora de Energia S.A.Energisa Paraiba - Distribuidora de Energia S.A.344166370435EMERGINGLATAMERICA1320Z@BZGLOBISSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/656187spcred/656187normThe latest Research Update from S&Pglobal6/25/2008 6:23:48 PM175Research Update656187BrazilElectric UtilitiesEmerging MarketsLatin AmericaGlobal IssuersUtilitiesElectricResearch UpdateOn June 25, 2008, Standard&Poor's Ratings Services assigned its 'BB-' corporate credit rating to the Brazilian electric utility holding company Energisa S.A. The outlook is stable. The rating reflects the consolidated credit quality of its subsidiaries, basically five electric power distribution utilities: Energisa Paraiba - Distribuidora de Energia S.A. (Saelpa; BB-/Positive/--), Energisa Sergipe Distribuidora de Energia S.A. (Energipe; BB-/Stable/--), Energisa Minas Gerais – Distribuidora de Energia S.A. (not rated), Energisa Nova Friburgo – Distribuidora de Energia S.A. (not rated), and Energisa Borborema – Distribuidora de Energia S.A. (not rated). Of these companies, Energipe and Saelpa currently account for about 70% of the group's cash generation. We expect that Energisa benefits from a forecast stable level of dividends receivedBRA55101010 551010 5510 55Energisa S.A.344167EMERGINGLATAMERICA1ENGON@BZRESUPDBRA55101010 551010 5510 55Energisa Sergipe Distribuidora de Energia S.A.Energisa Paraiba - Distribuidora de Energia S.A.344166370435EMERGINGLATAMERICA1320Z@BZGLOBISSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/155732spcred/155732normThe latest Summary from S&Pglobal6/25/2008 6:23:46 PM175Summary155732BrazilElectric UtilitiesEmerging MarketsLatin AmericaGlobal IssuersUtilitiesElectricSummaryEnergisa S.A.'s 'brA' rating reflects the overall creditworthiness of a group of companies of which it is an important member. Energisa is a holding company for two electric distribution utilities in northeastern Brazil: Empresa Energética de Sergipe, S.A., (Energipe) and Companhia Energética da Borborema (CELB). Companhia Força e Luz Cataguazes-Leopoldina (CFLCL), which operates distribution utilities in the southeast of Brazil, in turn, is the holding company for Energisa. Given the ownership, operational relationships, and similarities in credit profiles of the utilities, Energisa's and Energipe's creditworthiness reflect that of CFLCL on a consolidated basis. The rating reflects the difficulties of operating in the volatile Brazilian economy. In addition, distribution companies face regulatory risk since substantial and important rules in the electricBRA55101010 551010 5510 55Energisa S.A.344167EMERGINGLATAMERICA1ENGON@BZSUMMARYGLOBISSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/656105spcred/656105normThe latest Research Update from S&Pglobal6/25/2008 3:31:46 PM175Research Update656105BrazilBroadcasting & Cable TVEmerging MarketsLatin AmericaGlobal IssuersCorporationsMedia & EntertainmentResearch UpdateOn June 25, 2008, Standard&Poor's Ratings Services raised its long-term corporate credit rating on Brazil-based media concern RBS Comunicações S.A. e empresas combinadas to 'BB' from 'BB-'. The outlook is stable. The upgrade reflects the strong fundamentals for advertising growth in Brazil, and the significant improvement in the company's credit metrics on positive market conditions in the media industry and the company's consistent use of discretionary cash flow to reduce net leverage in the past three years. We expect advertising spending to be resilient in the next two to three years, sustaining some stability in credit metrics even with upward cost pressures. The rating on RBS reflects risks associated with the group's operations in the cyclical media industryBRA74927825401020 254010 2540 25RBS Comunicacoes S.A.e empresas combinadas310747EMERGINGLATAMERICA1020Z@BZRESUPDBRAP7993H74927RRBS Zero Hora Editora Jornalistica S.A.419219EMERGINGLATAMERICAGLOBISSCORPMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/656104spcred/656104normThe latest News from S&Pglobal6/25/2008 3:31:00 PM100News656104BrazilBroadcasting & Cable TVEmerging MarketsLatin AmericaGlobal IssuersCorporationsMedia & EntertainmentNewsSAO PAULO (Standard&Poor's) June 25, 2008--Standard&Poor's Ratings Services said today that it raised its long-term corporate credit rating on Brazil-based media concern RBS Comunicações S.A. e empresas combinadas to 'BB' from 'BB-'. The outlook is stable. "The upgrade reflects the strong fundamentals for advertising growth in Brazil," said Standard&Poor's credit analyst Milena Zaniboni. "It also incorporates the significant improvement in the company's credit metrics on positive market conditions in the media industry and the company's consistent use of discretionary cash flow to reduce net leverage in the past three years." We expect advertising spending to be resilient in the next two to three years, sustaining some stability in credit metrics even with upward costBRA74927825401020 254010 2540 25RBS Comunicacoes S.A.e empresas combinadas310747EMERGINGLATAMERICA1020Z@BZNEWSGLOBISSCORPMediaCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/656075spcred/656075normThe latest Summary from S&Pglobal6/25/2008 1:09:47 PM175Summary656075BrazilElectric UtilitiesLatin AmericaEmerging MarketsGlobal IssuersUtilitiesElectricSummaryThe 'BB-' ratings on Brazilian electric utility Energisa Paraíba – Distribuidora de Energia S.A. (Saelpa; formerly Sociedade Anônima de Eletrificação da Paraíba) and the 'BB-' on its Notes Units issuance reflect the following risks: Weak, but improving, operating statistics, including high outage duration (35.7 hours per customer in 2007), high outage frequency (20.4x per customer in 2007), and a high level of energy losses (total of 20.2% in 2007), which will continue to demand sizable future capital spending. Some exposure to foreign currency-denominated debt (36% of total debt as of March 2008), although Saelpa swaps 100% of its dollar-denominated debt to local currency. Expected larger dividend distribution due to a less expensive and longer debt profile. As an electric powerBRA55101010 551010 5510 55Energisa Paraiba - Distribuidora de Energia S.A.370435LATAMERICAEMERGINGSUMMARYGLOBISSUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/656078spcred/656078normThe latest Summary from S&Pglobal6/25/2008 1:09:47 PM175Summary656078BrazilElectric UtilitiesLatin AmericaEmerging MarketsGlobal IssuersUtilitiesElectricSummaryThe 'BB-' ratings on Brazilian electric utility Energisa Sergipe Distribuidora de Energia S.A. (Energipe; formerly Empresa Energetica de Sergipe S.A.) and the 'BB-' rating on its Notes Units issuance reflect the following risks: Relatively leveraged financial profile, but with more permanent liquidity. However, the company has improved its cash flow protection measures, with a debt reduction and stretched maturity profile. The company has also a higher level of permanent cash holdings as a result of a capital injection made in December 2007. Exposure to foreign-currency-denominated debt (42% of total debt as of March 2008), although Energipe swaps 100% of its dollar-denominated debt to local currency. Expected larger dividend distributions as a result of a less expensive and longer debt profile.BRA55101010 551010 5510 55Energisa Sergipe Distribuidora de Energia S.A.344166LATAMERICAEMERGING1320Z@BZSUMMARYGLOBISSUTILElectricCredit & Investment ResearchS&P 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 Research