Spanish Meat Processor Campofrio Outlook To Negative On Lower Profit And Weakening Credit Metrics; 'BB-' Affirmed Aug 12
- Language: English
- Published: August 2012
- Region: Spain
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Research type: News
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Spain-based European meat processor Campofr-o Food Group (CFG) has improved its profitability and reduced its debt leverage more quickly than we anticipated. We are raising our corporate credit rating on CFG to 'BB-' from 'B+'. The stable outlook reflects our belief that CFG will continue to perform resiliently and will gradually further reduce its adjusted ratio of debt to EBITDA to below 4.0x by year-end 2011. MADRID (Standard & Poor's) Nov. 12, 2010--Standard & Poor's Ratings Services said today that it has raised its long-term corporate credit and debt ratings on Spain-based European meat processor Campofr-o Food Group S.A. (CFG) to 'BB-' from 'B+'. The outlook is stable. The recovery rating of '4' on CFG's -500 million unsecured bond and...
Companies mentioned in this report are: Campofrio Food Group S.A.
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Campofrio Food Group S.A.