SAO PAULO (Standard&Poor's) Dec. 8, 2011--Standard&Poor's Ratings Services said today that the announcement that BRF Brasil Foods S.A. (BRF; BB+/Positive/--) will exchange certain assets with Marfrig Alimentos S.A. (B+/Negative/--) won't immediately affect the ratings on either BRF or Marfrig. The assets BRF is disposing of are the ones the Brazilian antitrust authority, CADE - Conselho Administrativo de Defesa Econômica, has required as a condition of the company's merger with Sadia S.A. (BB+/Positive/--). These are some brands, distribution centers, and industrial plants that Marfrig will exchange for some assets that Argentina-based subsidiary Quickfood S.A. (not rated) currently owns--including the Paty brand and two pork-slaughtering plants in Brazil--and Brazilian reais 200 million in cash. We believe this exchange
