Standard&Poor's Ratings Services' ratings on Brazil-based food producer Marfrig Alimentos S.A. (Marfrig) reflects the company's highly leveraged financial profile, aggressive acquisitive growth strategy, its exposure to volatile global commodity prices and demand, and sizable annual debt amortizations, limiting its ability to reduce leverage. Partly offsetting the risks is the company's diversified business portfolio geographically, into branded and commodity oriented products and into sundry proteins, its efficient distribution network and strong market positions in many segments it operates. It also reflects management is committed on seeking alternatives to reduce debt and interest payments, and extend debt maturities to improve its financial profile, although we expect credit metrics to remain weak in the short to intermediate term. Management's initiatives, such
