Minerva Moves to Double-B Territory

Minerva Moves to Double-B Territory

Brazil Corporate & Sovereign Strategy

Fitch has upgraded Minerva to BB minus from B+, it says, based on an improving credit profile and a strengthening in the Brazilian beef sector. The transaction agreed last month that gave Brasil Foods (BRF) a 15.2% stake in Minerva will increase the company’s processing capacity and lower its leverage. The consolidation process of the last few years has resulted in the creation of three large export players, which Fitch finds gives “more stability to the industry at the end of the positive cattl

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