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Moody's may lift Sadia
Moody's Investors Service said it placed the B2 local-currency corporate family rating for Sadia SA and the B2 guaranteed foreign-currency debt rating for Sadia Overseas Ltd. on review for upgrade, following the announcement that the company will merge its operations with those of Perdigao SA (rated Ba1) to form a new company called Brasil Foods SA.
"The rating action is mainly prompted by the higher likelihood that Sadia's leverage and liquidity profile should improve if Brasil Foods is able to successfully raise capital by the third quarter of 2009 to address Sadia's weak liquidity profile," Moody's vice president Soummo Mukherjee said in a statement.
"We expect significant improvement in Sadia's credit profile once Brasil Foods is created, as it becomes a significantly larger processed foods company with good geographic and product diversification and leading market positions," Mukherjee added.
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