Gradual increase in scale and geographic diversification, along with sound operating efficiency, has improved Brazil-based protein processor Minerva S.A.'s cash flow generation. We're affirming our 'BB-' global scale corporate credit and debt ratings on the company. We're also revising the outlook on this credit rating to positive from stable. At the same time, we're raising our national scale corporate credit rating on Minerva to 'brA+' from 'brA'. The outlook on this rating is also positive. The positive outlook reflects an at least one-third of a chance of an upgrade in the next 12-18 months if Minerva deleverages as it uses its positive free cash generation to pay down debt while maintaining its strong liquidity. On March 23, 2016, Standard&
