...SAO PAULO (S&P Global Ratings) May 12, 2017--S&P Global Ratings said today that its ratings and outlook on Marfrig Global Foods S.A. (global scale: B+/Positive/--; national scale: brBBB+/Positive/--) are not immediately affected by its subsidiary Keystone Foods announced filing for a proposed IPO. Our positive outlook reflects our expectation for stronger operating cash flow and lower interest payments that should enable the company to reduce its debt and maintain debt to EBITDA below 5x, funds from operations to debt above 12%, and EBITDA interest coverage at more than 2x in the next 12 months. Although we acknowledge that Marfrig could use the proceeds from Keystone's IPO to accelerate its leverage reduction, the ratings and outlook remain unchanged now because the potential timing, amount of proceeds that will be raised, and use of proceeds are uncertain. If Keystone Foods successfully completes the IPO, we will evaluate if the amount and use of proceeds would be sufficient for Marfrig's...
