We expect Brazil-based protein processor Marfrig Global Foods S.A. to gradually improve its credit metrics in 2017 amid lower interest burden and a resilient operation of its U.S. based subsidiary, KeyStone, mitigating the impact of weak demand in Brazil and low international beef prices amid still high cattle prices. The company has also maintained a solid liquidity and continues to improve its capital structure by extending debt maturities and gradually reducing funding costs, following asset sales allowing the company to start lowering its debt level in 2015. We're affirming our 'B+' global scale and 'brBBB+' national scale ratings on the company. The positive outlook reflects that there is a possible upgrade in the next 12 months if the company maintains
