S&P affirms Independência

Standard & Poor’s said it affirmed its B corporate credit rating on Independência SA and removed the ratings from CreditWatch, where they were placed with negative implications on May 31.

Independência's outstanding pro forma debt taking into account Goiás Carne's figures at the end of third-quarter 2007 was about $500 million, while cash and market securities totaled $66 million, the agency said.

The outlook is stable.

According to S&P, the rating action reflects the view that Independência's temporary debt increase following the acquisition of Goiás Carne will not directly affect its credit metrics.

The agency said that it believes the company will continue to report higher-than-market average operational performance, evidenced by its higher EBITDA margins.

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