Intense export flows of niche products for international markets (about 70% of total revenues) Development of alternative consumer markets and some client diversification Low-cost position compared with that of local peers High dependence on commodity-type products with exposure to trade restrictions, sanitary risks, and a volatile operating environment High plant concentration in a few Brazilian states Highly leveraged capital structure and weak cash flow generation Standard&Poor's Rating Services' ratings on Industria e Comercio de Carnes Minerva Ltda. (Minerva) reflect the company's operations in the volatile and highly competitive global meat industry; potential trade restrictions and sanitary risks, which could have a significant effect on the company's operations because of the geographic concentration of its plants; and Minerva's highly
