Research Update: Grupo Farias (Administradora Baia Formosa) And Subsidiary's $250 Million Notes Rated 'B-'; Outlook Stable Feb 12

Standard & Poors, February 2012

Abstract
Brazil-based sugar and ethanol producer Grupo Farias is planning to issue $250 million in senior unsecured notes to renew the company's sugarcane fields and improve its liquidity. We are assigning our 'B-' global scale and 'brBB-' Brazil national scale long-term corporate credit ratings to Grupo Farias. We are also assigning our 'B-' issue rating to the $250 senior unsecured notes to be issued by the company's subsidiary Farias Finance International S.A. The stable outlook reflects our view that Grupo Farias will be able renovate its sugarcane fields in order to raise production in future crop cycles. On Feb. 1, 2012, Standard & Poor's Ratings Services assigned its 'B-' global scale and 'brBB-' Brazil national scale long-term corporate credit ratings to...

Companies mentioned in this report are: Grupo Farias,Farias Finance International S.A.
Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Grupo Farias,Farias Finance International S.A.

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