Brazil-based protein producer Marfrig will pursue a more aggressive growth over the next few quarters, raising working capital consumption that will result in the free operating cash flow (FOCF) shortfall, which would deviate from our previous expectation of a gradual deleveraging. Despite a potentially more robust EBITDA in 2018, we believe the company is exposed to higher execution risks in Brazil's competitive beef market. We're revising the corporate credit ratings outlook to stable from positive and lowering our national scale corporate credit rating to 'brA-' from 'brA'. We're also affirming the 'B+' global scale corporate credit rating. The stable outlook reflects our view that FOCF shortfalls will pressure the company's metrics over the next several quarters, which will prevent Marfrig
