Improved asset distribution and product portfolio mix Some flexibility from its asset composition Cash liquidity to weather short-term refinancing risk Improving meat market conditions Highly leveraged capital structure and weak cash flow generation Lower and more-volatile margins than local peers Exposure to ramping-up "greenfield" projects Exposure to the volatile and highly competitive meat industry Commodity and sanitary risks associated to the meat business Standard&Poor's Ratings Services' ratings on Minerva S.A. reflect the firm's leveraged financial profile and its significant interest burden which, despite efforts to reduce interest costs, will continue hampering its ability to generate significant free operating cash flow (FOCF). The ratings also incorporate Minerva's dependence on the successful ramp-up of its expansion plans and "greenfield" projects
