Brazil-based Marfrig has announced a tender offer to repurchase up to $701 million of several senior unsecured notes outstanding, which have maturities between 2018 and 2021. We view the repurchase as an opportunistic transaction, reflecting improvements in the company's capital structure and lower interest payments as a result of the prepayment of more expensive debt. We are affirming our 'B+' global scale and 'brBBB' national scale corporate credit ratings on the company. The stable outlook reflects our belief that the repurchase will ultimately improve Marfrig's cash position. On Sept. 30, 2015, Standard&Poor's Ratings Services affirmed its 'B+' global scale and 'brBBB' national scale corporate credit ratings on Marfrig Global Foods S.A. (Marfrig). At the same time, we have
