Stronger operating results, improving market conditions, and a successful equity offer have helped Minerva strengthen its liquidity and overall financial profile. We are raising the ratings on Minerva from 'CCC+' to 'B-' with a stable outlook. We expect Minerva will continue to improve its capital structure and financial ratios due to stronger market conditions and the ramp-up of its new production capacity in 2010 and beyond. On Nov. 18, 2009, Standard&Poor's Ratings Services raised its long-term corporate credit rating on Brazil-based meat manufacturer Minerva S.A. (Minerva) from 'CCC+' to 'B-'. The outlook is stable. The rating action reflects the improving trend for the company's credit measures due to stronger operating cash generation, improving market conditions for both local
