Home Credit Ratings and Research Residential Mortgage-Backed Securities S&P Global Ratings’ Credit Research Minerva S.A.

Summary: Minerva S.A.

Published Jul 07, 2008

1166 words — Published Jul 07, 2008

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Abstract:

Standard&Poor's Rating Services' ratings on Minerva S.A. reflect the company's operations in the volatile and highly competitive global meat industry; potential trade restrictions and sanitary risks that could have a significant impact on the company's operations given that exports are fairly concentrated in Russia and Europe; and Minerva's more volatile and slightly weaker margins compared to those of local peers due to its business strategy (extensive purchase of meat parts for in natura exports). Minerva's highly leveraged capital structure and relatively weak cash-flow generation were also incorporated into the ratings. These negative rating factors are partly compensated by the fact that Minerva benefits from its low-cost position, and some operational flexibility to produce "made-to-order" products due to its

Brief Excerpt:

RESEARCH Summary: Minerva S.A. Publication date: 07-Jul-2008 Primary Credit Analyst: Vivian Zietemann, Sao Paulo (55) 11 3039-9735; vivian_zietemann@standardandpoors.com Secondary Credit Analyst: Reginaldo Takara, Sao Paulo (55) 11...

Report Type:

Summary

Ticker

BEEF3@BZ

Issuer

Minerva S.A.

GICS

Packaged Foods & Meats (30202030)

Sector

Global Issuers, Structured Finance

Country

Brazil

Region

Latin America

Format:

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MLA:	S&P Global Ratings’ Credit Research. "Summary: Minerva S.A." Jul 07, 2008. Alacra Store. May 05, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Minerva-S-A-658298>

APA:	S&P Global Ratings’ Credit Research. (). Summary: Minerva S.A. Jul 07, 2008. New York, NY: Alacra Store. Retrieved May 05, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Minerva-S-A-658298>

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