European Meat Processor Campofrio Upgraded To 'BB-' On Improved Profitability And Reduced Leverage; Outlook Stable
Standard & Poors, November 2010
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
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.
Abstract
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.
Action: Upgraded
Campofrio Food Group S.A.
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