Minerva's interest coverage remains low, at less than 1x, but we expect its liquidity to keep improving through year-end. We are revising the outlook on Minerva to stable from negative and affirming our 'CCC+' corporate credit rating on the company. A successful capital injection and stronger liquidity that reduces total debt could improve credit quality further. On Oct. 2, 2009, Standard&Poor's Ratings Services revised its outlook on Brazilian meat exporter Minerva S.A. to stable from negative. At the same time, we affirmed our 'CCC+' corporate credit rating on the company. The outlook revision reflects our expectation that Minerva will use the resources from its current equity offering, already partially completed, to reduce refinancing risks in the next couple
