Brazil-based protein processor Minerva S.A. has sustained sound operating efficiency and resilient margins despite high cattle prices, weak domestic demand, and lower export profits in 2016. We're affirming our 'BB-' global-scale corporate credit and issue ratings, and our 'brA+' national-scale corporate credit rating on the company. The outlook remains positive, reflecting that we can raise the ratings in the next 12-18 months if the expected fundamentals for the industry, including lower livestock prices and better export destinies, along with lower interest payments result in consistent positive free cash flows and translate into improved leverage.Those would include funds from operations (FFO) to debt approaching 20% and debt to EBITDA remaining around 3.5x. On March 16, 2017, S&P Global Ratings affirmed its
