Research Update: Sara Lee Corp. Outlook Revised To Negative; 'BBB+/A-2' Ratings Affirmed Dec 07

Standard & Poors, December 2007

Abstract
On Dec. 20, 2007, Standard & Poor's Ratings Services revised its rating outlook on Downers Grove, Ill.-based Sara Lee Corp. to negative from stable. At the same time, Standard & Poor's affirmed its ratings on Sara Lee, including the 'BBB+' long-term and 'A-2' short term corporate credit ratings and other ratings on the company. Sara Lee had approximately $4.4 billion in total debt (adjusted for capitalized operating leases, and pension and other postretirement benefit obligations) outstanding as of Sept. 29, 2007. The outlook revision reflects our concerns with regard to the decline in operating performance and margins resulting from higher commodity costs and competitive conditions. Furthermore, credit protection measures remain weak for the current rating and Sara Lee continues to...

Companies mentioned in this report are: Sara Lee Corp.,Earthgrains Co. (The)
Action: Outlook: 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)

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