Minerva is improving its credit metrics through stronger cash flows while sustaining adequate liquidity. We are raising our global scale ratings on Minerva to 'B' from 'B-'. The outlook is stable. We believe that Minerva will continue to improve its financial ratios because of expanded slaughtering capacity, but we will monitor its ability to manage increasing cattle prices. On Nov. 12, 2010, Standard&Poor's Ratings Services raised its global scale ratings on Brazil-based meat processor Minerva S.A., including the corporate credit rating, to 'B' from 'B-'. The outlook is stable. The rating action reflects the positive trend in Minerva's credit metrics, on stronger operating cash generation from its concluded greenfield projects, its improved debt profile after a successful bond
