Shearer's Foods Inc. Ratings Are Placed On CreditWatch Negative Due To Weak Near-Term Liquidity May 11

  • ID: 1786154
  • May 2011
  • Standard & Poors
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SAN FRANCISCO (Standard & Poor's) May 12, 2011--Standard & Poor's Ratings Services placed its ratings on Ohio-based Shearer's Foods Inc., including its 'B-' corporate credit rating, on CreditWatch with negative implications, meaning that we could either lower or affirm the ratings following the completion of our review. As of March 26, 2011, Shearer's had about $186.3 million in reported debt. "The CreditWatch listing reflects our belief that Shearer's liquidity position over the near term is very weak," said Standard & Poor's credit analyst Bea Chiem. Standard & Poor's will seek to resolve or update the CreditWatch listing within 30-60 days. To resolve the CreditWatch listing, we will monitor the amendment process and review the new terms. We will also review...

Companies mentioned in this report are:
- Shearer's Foods LLC

Action: On CreditWatch:Negative

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
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- Shearer's Foods LLC

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