Sao Paulo, May 29, 2014 -- Moody's commented today that the proposed acquisition of Hillshire Brands Company (Baa2/RuR-Dwn) by Pilgrim's Pride Corporation ("PPC", B1/RuR-Dwn) is short term credit negative for its parent company JBS. The confirmation of the acquisition as proposed would contribute to the maintenance of the Ba3 rating's negative outlook reflecting our expectations that credit metrics, particularly leverage, would remain momentarily pressured. Moody's estimates that JBS' pro-forma leverage, measured by Debt/EBITDA, would reach 5.9x as compared to its 4.6x leverage ratio in the last twelve months ended March 2014, considering a USD 6 billion increase in debt.

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