SAO PAULO (Standard&Poor's) Dec. 17, 2007—Standard&Poor's Ratings Services said today that it revised the outlook on Brazil-based meat processing company Marfrig Frigoríficos e Comércio de Alimentos S.A. (Marfrig) to negative from stable. At the same time, we affirmed our 'B+' corporate credit rating on Marfrig and on its $375 million notes due 2016. Pro forma fiscal 2007, we expect Marfrig to report about $800 million of total debt. "The rating action reflects Marfrig's lower-than-expected cash flow generation, leading to weak credit metrics for the rating category, associated with the company's aggressive growth strategy in 2007 and beyond. In our opinion, the company will report negative discretionary cash flow in the future, limiting the potential improvement to
