SAO PAULO (S&P Global Ratings) April 23, 2019--S&P Global Ratings assigned its 'brAA+' national scale issue-level rating to Minerva S.A.'s (global scale: BB-/Stable/--; national scale: brAA+/Stable/--) proposed sixth senior unsecured debentures issuance of up to R$600 million. We also assigned the recovery rating of '4' to the proposed debentures, which indicates an average recovery expectation of 40%. The company will use the cash proceeds primarily for liability management, extending its debt maturity profile. Therefore, the issuance doesn't significantly affect the premises of our recovery analysis in our March 26 review. Criteria Corporates General: Corporate Methodology: Ratios And Adjustments, April 1, 2019 General Criteria: Methodology For National And Regional Scale Credit Ratings, June 25, 2018 Criteria Corporates
