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S&P Reaffirms Minerva’s Credit Rating of “B” with a Stable Outlook

Barretos, February 8, 2008 – Minerva S.A. (BOVESPA: BEEF3), one of the market leaders in Brazil in the production and sale of fresh beef, processed beef and beef byproducts, announces to the market that Standard & Poor’s reaffirmed its credit rating of “B”, with a stable outlook.

The main factors cited by Standard & Poor’s for maintaining Minerva’s credit rating was its low level of debt, flexible production and, most importantly, the improvements in its liquidity indicators, following the successful conclusion of the company’s debt-refinancing program, which included a US$200 million bond issue and IPO issue, both in 2007.

In a recent report, Fitch Ratings also maintained its credit rating unchanged at “B+”, with a stable outlook, for Minerva’s bond placement due in 2017, and at BBB(bra), also with a stable outlook, for the company’s national long-term credit rating, demonstrating the market’s confidence in the indicators presented by Minerva.

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Carlos Watanabe
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Ronald S. Aitken
IR Superintendent

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