NY -- Standard&Poor's CreditWire 10/1/96 -- Standard&Poor's today has assigned its single-`B'-plus rating to Ceval Alimentos S.A.'s US$100 million fixed rate notes issue. The rating is constrained by Brazil's sovereign foreign currency rating of single-`B'-plus. The outlook is positive. The rating reflects Ceval's position as the largest soybean crusher in Latin America, an increasingly diversified consumer food products business with competitive brand positions, and moderate debt levels. These strengths are offset by the large commodity component of its soybean product line, industry overcapacity in soybean crushing in Brazil, strong competition in the domestic market for meat and other consumer products, and the significant volatility which continues to characterize the Brazilian economy and in turn affects domestic
