Minerva 'BB-' Ratings Affirmed On Strong Liquidity Despite Higher Debt, Outlook Still Stable

We expect Brazil-based protein processor, Minerva, to hold strong cash position while gradually reduce its debt through higher cash flow generation. We are affirming our 'BB-' global scale and 'brA' Brazil national scale ratings on Minerva. The stable outlook reflects our belief that Minerva will gradually increase operating cash flows as it integrates acquired slaughtering plants and improve their operating efficiency, while benefitting from stronger export revenues to gradually improve credit metrics. SAO PAULO (Standard&Poor's) March 31, 2015--Standard&Poor's Ratings Services affirmed its 'BB-' global scale and 'brA' Brazil national scale corporate credit ratings on Minerva S.A. The outlook on both ratings remains stable. At the same time, we are affirming our 'BB-' issue-level ratings on Minerva's

...+ We expect Brazil-based protein processor, Minerva, to hold strong cash position while gradually reduce its debt through higher cash flow generation. + We are affirming our '##-' global scale and 'brA' Brazil national scale ratings on Minerva. + The stable outlook reflects our belief that Minerva will gradually increase operating cash flows as it integrates acquired slaughtering plants and improve their operating efficiency, while benefitting from stronger export revenues to gradually improve credit metrics. SAO PAULO (Standard & Poor's) March 31, 2015--Standard & Poor's Ratings Services affirmed its '##-' global scale and 'brA' Brazil national scale corporate credit ratings on Minerva S.A. The outlook on both ratings remains stable. At the same time, we are affirming our '##-' issue-level ratings on Minerva's subsidiaries, Minerva Luxembourg S.A., Minerva Overseas Ltd., and Minerva Overseas II Ltd. The affirmation reflects our expectation that Minerva will continue to bolster its cash...

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