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Bulletin: Sara Lee Corp. Ratings Unaffected By Proposed Sale Of North American Fresh Bakeries Nov 10
Standard & Poors, Nov 2010
Abstract
NEW YORK (Standard & Poor's) Nov. 9, 2010--Standard & Poor's Ratings Services said today that its ratings and outlook on Sara Lee Corp. (BBB/Stable/A-2) are not affected following the company's announcement that it has agreed to sell its North American fresh bakery business to Grupo Bimbo for $959 million. The company expects the transaction to close in the first half of 2011. As a result of the divestiture, Sara Lee plans to accelerate completion of its $2.5 billion to $3 billion share repurchase program by fiscal year end July 2012 (about 6 months earlier than prior plan). We estimate the low margin North American fresh bakery business represented $2.1 billion (20%) of Sara Lee's consolidated sales and $137 million (5%)...
Companies mentioned in this report are: 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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