On Jan. 3, 2007, Standard&Poor's Ratings Services assigned its 'B' long-term corporate credit rating to Brazil-based beef processing company Industria e Comercio de Carnes Minerva Ltda. (Minerva). At the same time, we assigned our 'B' credit rating to the proposed 10-year $150 million notes offered by Minerva Overseas Ltd., a wholly owned subsidiary of Minerva based in Cayman Islands. The notes will be unconditionally and irrevocably guaranteed by Minerva. The outlook on the corporate credit rating is stable. Proceeds from the proposed 10-year $150 million unsecured bonds should be mostly used to refinance short-term maturities ($130 million), and to fund part of the company's capital expenditures projected for the next two years. Minerva's total debt outstanding at September
