Standard&Poor's Ratings Services derives its 'B' corporate credit rating on Marfrig Global Foods S.A. (Marfrig) from: Our anchor of 'b', based on our "fair" business risk and "highly leveraged" financial risk profile assessments for the company. Analytical modifiers have no impact on the rating outcome. Exposure to the volatility of the commodity based protein industry; Geographic and portfolio diversification; and Large scale operations, with a sound market positions in many regions. Sizable gross debt and highly leveraged credit metrics; Significant interest payments and working capital needs, which have hurt cash flow generation; and Somewhat improved capital structure, with the bulk of debt maturing in the long term. The positive outlook reflects our expectation that Marfrig will gradually deleverage
