Sara Lee Corp. Downgraded One Notch To 'BBB'; Outlook Is Stable Feb 10

Standard & Poors, February 2010

Abstract
Sara Lee Corp. announced that it will buy back $2.5 billion to $3 billion of shares within three years. We are lowering Sara Lee's corporate credit and senior unsecured ratings to 'BBB' from 'BBB+'. We are affirming our 'A-2' short-term and commercial paper ratings. The stable outlook reflects our expectation that credit measures will remain near pro forma levels, including leverage of about 2.4x. NEW YORK (Standard & Poor's) Feb. 17, 2010--Standard & Poor's Ratings Services said today that it lowered its corporate credit and senior unsecured ratings on Downers Grove, Ill.-based Sara Lee Corp. to 'BBB' from 'BBB+'. We affirmed our 'A-2' short-term and commercial paper (CP) ratings. The outlook is stable. Sara Lee had about $2.8 billion in...

Companies mentioned in this report are: Sara Lee Corp.
Action: Downgraded
Action: Outlook: Stable

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.

Sara Lee Corp.

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