Minerva faces increasing financial burdens and higher refinancing risks along with weak cash flow generation. We lowered our rating on Minerva to 'CCC+' from 'B' with a negative outlook. The company's operating development and liquidity maintenance are critical factors that we will continue monitoring. On June 19, 2009, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on Brazilian-based meat processor/company Minerva S.A. (Minerva) to 'CCC+' from 'B'. At the same time, we removed the rating from CreditWatch negative, where it was placed on March 9, 2009. The outlook is negative. The downgrade reflects the weakening in Minerva's operating performance as it faces conditions that have been challenging the beef industry since September 2008, as well its increasing
