Spanish Meat Processor Campofrio Outlook To Negative On Lower Profit And Weakening Credit Metrics; 'BB-' Affirmed Aug 12
- Language: English
- Published: August 2012
- Region: Spain
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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Campofrio Food Group S.A.