Brazil-based food producer, Marfrig, has improved its liquidity and capital structure through more effective liability management and operating efficiency, which should result in positive free operating cash flow (FOCF) generation in 2014. We are raising the global scale corporate credit and debt ratings to 'B+' from 'B', and the national scale corporate credit rating to 'brBBB' from 'brBBB-'. The stable outlook reflects our expectation that Marfrig will gradually reduce its debt with internal cash flow generation while it maintains improved liquidity and longer-term debt maturity profile, despite its still "highly leveraged" financial risk profile. On Oct. 16, 2014, Standard&Poor's Ratings Services raised the global scale corporate credit and issue-level ratings on Marfrig Global Foods S.A. (Marfrig) to 'B+'
