Marfrig has recently concluded an equity offering to fund its acquisition of poultry company Seara Alimentos S.A., which will also contribute to improve liquidity. We have revised our outlook on Marfrig to stable from negative and affirmed the 'B+' corporate credit rating. We expect higher cash flow generation and improved margins with its more diversified product line and expected cost synergies. On Nov. 25, 2009, Standard&Poor's Ratings Services revised its outlook on Brazil-based meat processor Marfrig Alimentos S.A. to stable from negative and affirmed the 'B+' corporate credit rating. The outlook revision reflects our expectation that Marfrig's recently announced equity-financed acquisition of Seara Alimentos S.A. (Seara) will provide the company with economies of scale in poultry and operating
