Campofrio Food Group 'BB-' Rating Affirmed And Off Watch Neg On Smithfield's Withdrawal Of Takeover Bid; Outlook Stable Jun 11
- Language: English
- Published: June 2011
U.S.-based pork producer and processor Smithfield Foods has announced that it has dropped its negotiations to acquire full control of Campofrio Food Group, a meat processor based in Spain. We are affirming our 'BB-' long-term ratings on Campofrio and removing the ratings from CreditWatch negative. The stable outlook reflects our view that Campofrio is likely to continue to perform resiliently and generate positive free cash flow while keeping Standard & Poor's-adjusted debt to EBITDA close to 4.5x. On June 7, 2011, Standard & Poor's Ratings Services affirmed its 'BB-' long-term corporate credit rating on Spanish meat processor Campofrio Food Group S.A. (CFG). At the same time, we removed the 'BB-' long-term corporate credit rating on CFG and the 'BB-' issue...
Companies mentioned in this report are: Campofrio Food Group S.A.
Action: Removed From CreditWatch
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Product Type: Research Update
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Campofrio Food Group S.A.