...Strong Year Expected: Fitch Ratings projects a strong 2014 for the Brazilian protein sector as growth in CFFO should be, at least, in the high single digits. Rating actions should be limited as many companies previously weak in their rating categories and balance sheets will strengthen from cyclical lows. Prices for proteins should remain elevated due to strong global demand. Export opportunities will continue to grow and input costs should be manageable. Diverse Growth Strategies: Credit positive, transformational debt-financed merger and acquisition activity should be subdued for Minerva S.A. (Minerva), Marfrig Global Foods S.A. (Marfrig) and BRF S.A. (BRF). Unlike its Latin America peers, JBS S.A. (JBS) is expected to augment its organic growth with debt-financed acquisitions as it continues to grow into one of the world's largest food companies. Fitch is publishing this frequently asked questions report to answer the most common questions its analysts received during recent investor...
