Brazil-based food producer Marfrig Alimentos' negative working capital and still weak cash flows prevented expected debt reduction, postponing improved credit metrics that would support the ratings. We are lowering our ratings on the company to 'B' from 'B+' on global scale and to 'brBBB-' from 'brBBB+' on national scale. The negative outlook reflects the tight covenant headroom and indicates the potential for a further downgrade if ratios weaken. SAO PAULO (Standard&Poor's) May 9, 2013--Standard&Poor's Ratings Services lowered its global scale corporate credit rating to 'B' from 'B+' and its national scale rating to 'brBBB-' from 'brBBB+' on Marfrig Alimentos S.A. The outlook is negative. "The downgrade reflects Marfrig's weaker-than-expected results for 2012, preventing the credits metrics
