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BULLETIN: Ratings On Smithfield Foods And Sara Lee Currently Unaffected By Negotiations May 06
Standard & Poors, May 2006
Abstract
NEW YORK (Standard & Poor's) May 5, 2006--Standard & Poor's Ratings Services said today that Smithfield Foods Inc.'s (BB+/Stable/--) announcement that it has entered into an exclusive negotiating period with Sara Lee Corp. (BBB+/Stable/A-2) for the purchase of its European meats business will have no immediate effect on the rating or outlook of either company. We expect that if Smithfield Foods is successful, the transaction will be financed through a joint venture with a private equity firm and that this new entity will operate on a stand-alone, non-recourse basis. In addition, we expect that Smithfield Foods' contribution to the joint venture will not result in any material diminishment in the company's overall credit quality. No purchase price was publicly disclosed....
Companies mentioned in this report are: Smithfield Foods Inc.,Sara Lee Corp.
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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