Improved asset distribution and product portfolio mix; Some flexibility from asset composition; Cash liquidity to weather short-term refinancing risk; and Improving market conditions for meat. Highly leveraged capital structure and weak cash flow; Lower and more-volatile margins than local peers'; The ramping-up of greenfield projects; Exposure to the volatile and highly competitive meat industry; and Commodity and sanitary risks associated with the meat business. Standard&Poor's Ratings Services' ratings on Minerva S.A. reflect its leveraged financial profile and still significant interest burden, which, despite efforts to reduce interest costs, will likely keep free operating cash flow negative. They incorporate Minerva's dependence on the successful ramp-up of expansions and greenfield projects, including Minerva Dawn Farms (MDF), to keep increasing its
