We expect Brazil-based protein processor Marfrig Global Foods to generate free operating cash flow (FOCF) in the coming years that, combined with debt reduction with the proceeds from the divestment of Moy Park, should improve financial metrics. We are affirming our 'B+' global scale corporate credit and debt ratings and 'brBBB' national scale corporate credit rating on Marfrig. The stable outlook reflects our view that despite its "highly leveraged" financial risk profile, Marfrig will gradually reduce its debt over time through the abovementioned factors, while maintaining an "adequate" liquidity. On Oct. 28, 2015, Standard&Poor's Ratings Services affirmed its 'B+' global scale corporate credit and issue-level ratings on Marfrig Global Foods S.A. We also affirmed our 'brBBB' national scale
