S&P lowers Sadia

Standard & Poor's said it lowered its long-term corporate credit rating on Sadia SA and the rating on subsidiary Sadia Overseas Ltd.'s $250 million in senior unsecured notes to BB from BB+.

At the same time, the agency said it removed the ratings from Creditwatch, where they had been placed with negative implications on Sept. 26.

The outlook is negative.

According to S&P, the downgrade reflects the weakening of the company's credit metrics after it faced losses of Rs. 760 million in unwinding certain derivative transactions in third-quarter 2008.

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