Research Update: Sara Lee Corp. 'BBB/A-2' Corporate Credit Ratings Affirmed; 'BBB' Senior Unsecured Debt Rating On Watch Negative Jan 11

Standard & Poors, January 2011

Abstract
U.S. food manufacturer Sara Lee announced that it plans to divide the company into two separate entities and issue a special dividend. We are affirming our 'BBB' corporate credit rating and 'A-2' short-term and CP ratings on the company. We are placing our 'BBB' senior unsecured debt rating on CreditWatch with negative implications. The stable outlook reflects our expectation that consolidated Sara Lee will maintain credit measures close to our 'BBB' rating category medians. On Jan. 28, 2011, Standard & Poor's Ratings Services affirmed its 'BBB' long-term corporate credit rating and 'A-2' short-term corporate credit and commercial paper (CP) ratings on Downers Grove, Ill.-based Sara Lee Corp. Our outlook is stable. At the same time, we placed our 'BBB' senior...

Companies mentioned in this report are: Sara Lee Corp.,Earthgrains Co. (The),Sara Lee/ De Antilles N.V.
Action: Affirmed
Action: On CreditWatch:Negative

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Sara Lee Corp.,Earthgrains Co. (The),Sara Lee/ De Antilles N.V.

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