Minerva Luxembourg, a subsidiary of Minerva S.A., announced an offer to exchange part of its existing bonds of one single, longer instrument. We believe that, if successful, the placement of this new bond will help Minerva to smooth its debt amortization schedule, improving its capital structure. We are assigning our 'B+' rating to the proposed senior unsecured notes due 2023. The positive outlook on Minerva reflects a potential upgrade if it uses its excess cash to reduce debt. SAO PAULO (Standard&Poor's) Jan. 14, 2013--Standard&Poor's Ratings Services assigned its 'B+' issue-level rating to Minerva Luxembourg S.A.'s planned senior unsecured notes due 2023. The rating on the issue reflects the credit quality of Brazil-based beef producer Minerva S.A.
