The COVID-19 pandemic is causing disturbance in several beef-demanding markets that are imposing numerous restrictions, including travel reduction, border closings, and quarantine orders. Those effects, which have an unknown extension, are making prices and foreign exchange (FX) rate more volatile and will likely result in somewhat weaker and more volatile credit metrics for Brazilian protein processor Minerva from what we were expecting for 2020. As a result, on March 23, 2020, S&P Global Ratings revised the outlook on the issuer credit ratings on Minerva to stable from positive. At the same time, we affirmed our 'BB-' global scale and 'brAA+' national scale issuer credit and issue ratings on Minerva S.A. The stable outlook reflects that despite potential lower volumes and
