Sadia, Brazil's second-biggest food company, said late last month that it fired
Chief Financial Officer Adriano Lima Ferreira and posted a 760 million-real
($346 million) hedging loss. Brazil's real has plunged 28 percent against the dollar
since the start of August, the worst performance of the 16 most-traded currencies.
Sadia shares fell 31 centavos, or 5.3 percent, to 5.60 reals in Sao Paulo trading.
The stock has declined 45 percent this year.
Standard & Poor's lowered its long-term credit rating on Sadia by one notch to
“BB,” or two levels below investment grade, from “BB+,” and put the rating on
negative outlook, citing the weakening of the company's position following the
hedging losses.