Minerva S.A.

Some operational flexibility to produce 'made-to-order' products Slightly improved asset distribution and product portfolio Improved liquidity position and refinancing risk Commodity and sanitary risks associated with the meat business Lower and more volatile margins than local peers Highly leveraged capital structure and weak cash-flow generation Standard&Poor's Rating Services' ratings on Minerva S.A. reflect the company's operations in the volatile and highly competitive global meat industry; potential trade restrictions and sanitary risks that could have a significant impact on the company's operations given that exports are fairly concentrated in Russia and Europe; and Minerva's more volatile and slightly weaker margins compared to those of local peers due to its business strategy (extensive purchase of meat parts for in natura

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