Moody’s Lifts Minerva Ahead of Bond Sale

Moody’s Lifts Minerva Ahead of Bond Sale

Brazil Bonds Corporate & Sovereign Strategy

Moody’s has upgraded Minerva to B1 from B2 ahead of the Brazilian meatpacker’s proposed $500m 2023 bond sale, it says. The upgrade reflects the improvement in the company’s capital structure following the equity issuance of BRL457m [$225m] in early December. “As a result of the equity offering, adjusted leverage is expected to decline meaningfully to about 4.5x at the end of 2012 as most proceeds were used to repay debt,” it says. The upgrade also considers Minerva’s comfortable liquidity profil

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