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: Outlook: Stable
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Research type: News
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