Minerva's interest coverage remains low, at less than 1x, but we expect its liquidity to keep improving through year-end. We are revising the outlook on Minerva to stable from negative and affirming our 'CCC+' corporate credit rating on the company. A successful capital injection and stronger liquidity that reduces total debt could improve credit quality further. SAO PAULO (Standard&Poor's) Oct. 2, 2009--Standard&Poor's Ratings Services said today that it revised its outlook on Brazilian meat exporter Minerva S.A. to stable from negative. At the same time, we affirmed our 'CCC+' corporate credit rating on the company. "The outlook revision reflects our expectation that Minerva will use the resources from its current equity offering, already partially completed, to
