SAO PAULO (Standard&Poor's) Nov. 5, 2013--Standard&Poor's Ratings Services said today that its ratings on Brazil-based food producers Minerva S.A. (BB-/Stable/--) and BRF S.A. (BBB-/Stable/--) are unaffected following the companies' announcement that they have reached an investment agreement. BRF will transfer its two cattle slaughtering and deboning assets to Minerva in exchange for 15.2% of Minerva's shares. In our view, the transaction is beneficial to both parties: BRF will benefit from a more efficient beef operation as it was underperforming those of its beef peers and will hold a minority stake in a profitable company, which by contract will assure BRF's processed beef supply and will gradually receive higher dividend payments. At the same time, Minerva will
