European Meat Processor Campofrio Upgraded To 'BB-' On Improved Profitability And Reduced Leverage; Outlook Stable
- ID: 1714084
- November 2010
- Region: Europe
- Standard & Poors
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Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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.