JBS S.A. -- Moody's: JBS's acquisition of Tyson's poultry operations in Mexico and Brazil has no impact on its ratings

Sao Paulo, July 29, 2014 -- Moody's Investors Service commented today that the proposed acquisition of Tyson Foods, Inc.'s (Baa3/ RuR -- Down) poultry businesses in Mexico and Brazil by JBS S.A. (Ba3/Negative) and Pilgrim's Pride Corporation ("PPC", B1/Stable) for USD 575 million is credit neutral for JBS, as it will not result in gross leverage increase or liquidity deterioration. We view the acquisition as in line with JBS's strategy to increase its footprint in the global processed food business. The transaction is subjected to regulatory approvals in both jurisdictions.

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