S&P keeps Bertin on watch

Standard & Poor's said its B+ long-term corporate credit rating on Bertin Ltda. remains on CreditWatch with negative implications, where it was initially placed Nov. 26, pending a detailed review of the financial effects of a recent acquisition.

The agency noted that the initial placement followed Bertin's announcement that its subsidiary, Bertin SA (not rated), reached an agreement to acquire 56% of Goult Participações Ltda. (not rated), which in turn owns about 75% of S/A Fábrica de Produtos Alimentícios Vigor (not rated).

S&P said that it expects to resolve the CreditWatch following the publication of the company's 2007 year-end results and a full review of Bertin's ultimate capital structure after the conclusion of the acquisition.

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