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Campofrio Food Group 'BB-' Long-Term Rating Placed On CreditWatch Negative On Acquisition Bid By Smithfield Foods
Standard & Poors, April 2011
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
U.S.-based pork producer and processor Smithfield Foods Inc. (Smithfield) has announced its intention to acquire full control of Campofrio Food Group S.A. (CFG). We are placing our 'BB-' long-term corporate credit rating on Spanish meat processor CFG on CreditWatch negative. The CreditWatch placement reflects the likelihood of us equalizing the rating on CFG with the lower rating on Smithfield on completion of the acquisition. MADRID (Standard & Poor's) April 8, 2011--Standard & Poor's Ratings Services said today that it placed its 'BB-' long-term corporate credit rating on Spanish meat processor Campofrio Food Group S.A. (CFG) on CreditWatch with negative implications. At the same time, the 'BB-' issue rating on CFG's -500 million unsecured bond was placed on CreditWatch with negative...
Companies mentioned in this report are: Campofrio Food Group S.A.
Action: On CreditWatch:Negative
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