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Research Update: Campofrio Food Group 'BB-' Rating Affirmed And Off Watch Neg On Smithfield's Withdrawal Of Takeover Bid; Outlook Stable Jun 11 Product Image

Research Update: Campofrio Food Group 'BB-' Rating Affirmed And Off Watch Neg On Smithfield's Withdrawal Of Takeover Bid; Outlook Stable Jun 11

  • ID: 1815327
  • June 2011
  • Standard & Poors

FEATURED COMPANIES

  • Campofrio Food Group S.A.
  • MORE

Abstract
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: Affirmed
Action: Removed From CreditWatch

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

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