S&P rates Minerva notes BB-

Standard & Poor's said it assigned its BB- issue-level rating to Minerva SA's proposed $300 million perpetual notes.

The agency also raised its national scale corporate credit rating on the company to brA from brA-.

Minerva's BB- global scale corporate credit rating was affirmed and the corporate credit rating is stable.

The agency expects Minerva to use the proceeds to pay down short-term and higher interest debt.

S&P said the upgrade reflects its expectation that Minerva will continue to improve its credit metrics through higher cash flow generation, while it maintains a long-term debt amortization profile and strong liquidity.

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