SAO PAULO (Standard&Poor's) Sept. 16, 2010--Standard&Poor's Ratings Services said today that Minerva S.A.'s (B-/Stable/--) offer to exchange its 2017 notes for 2019 notes and its consent solicitation to remove restrictive covenants under the 2017 notes indenture do not affect the ratings on the company. We view this offer as opportunistic. For us to consider an exchange offer tantamount to default, Standard&Poor's would need to conclude that: (1) offer terms are materially less than par value of the existing instrument, and (2) the entity would not be able to meet its debt service, absent the restructuring involved. Minerva's discount over par is small and although cash interest payments will remain sizable, short-term debt amortization is
