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Bulletin: Sara Lee Corp. Ratings Unaffected By Potential Sale Of Body Care Business Sep 09
Standard & Poors, Sep 2009
Abstract
NEW YORK (Standard & Poor's) Sept. 25, 2009--Standard & Poor's Ratings Services said today that its ratings and outlook on Sara Lee Corp. (BBB+/Negative/A-2) are not affected following the company's announcement that it has received a binding offer of -1.275 billion from Unilever group (A+/Stable/A-1) to acquire its global body care and European detergents businesses. Sara Lee intends to use proceeds from the divestiture to invest for growth in its core businesses and to repurchase stock. The company's board of directors has authorized the purchase of up to $1 billion of Sara Lee stock, which is in addition to the 13.5 million (about $150 million) share authorization remaining under the prior share repurchase program. We expect buybacks on the new...
Companies mentioned in this report are: Sara Lee Corp.,Unilever N.V.
Action: Bulletin
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.
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