Fitch rates Minerva bond BB

Fitch Ratings said it assigned a BB rating to the planned issuance of global notes of about $1 billion to be issued by Minerva Luxembourg SA, a wholly owned off-shore subsidiary of Minerva SA (Minerva), which will guarantee the notes. The issue will mature in 2033.

The rating is the same as Fitch’s on Minerva’s 2028 notes.

The proceeds will fund a substantial portion of Minerva's acquisition of Marfrig Global Foods SA's assets or repay indebtedness. Last month, Minerva agreed to buy 16 slaughtering assets and one distribution center in Brazil, Argentina, Uruguay and Chile for R$7.5 billion from Marfrig.

The outlook is stable.

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