Sector Review: For U.S. Packaged Food Companies, 2010 Credit Trends Look Stable Mar 10

  • ID: 2034524
  • March 2010
  • Region: United States
  • Standard & Poors
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  • Advance Food Co.
  • Bellisio Foods Inc.
  • Campbell Soup Co.
  • Flowers Foods Inc.
  • Kellogg Co.
  • Michael Foods Inc.
  • MORE

Rating trends for U.S. packaged food companies are likely to be stable in 2010, based on our expectations for modest increases in consumer spending and household net worth. However, the relative rating stability of this sector is within the broader context of a sluggish economic recovery, with the unemployment rate remaining well above full employment levels through 2010. Cash flow growth, margin resilience, financial policies, and liquidity will remain key factors in our analysis of the sector the next 12 months. We expect volume, productivity, marketing, and innovation to be key indicators of performance in 2010. (Listen to the related podcast titled, "Why The Outlook For U.S. Packaged Food Companies Is Stable," dated March 22, 2010.) In keeping with our...

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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

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- Campbell Soup Co.
- ConAgra Foods Inc.
- General Mills Inc.
- Kraft Heinz Foods Company
- The Hershey Co.
- Hormel Foods Corp.
- Kellogg Co.
- McCormick & Co. Inc.
- The Hillshire Brands Co.
- Ralcorp Holdings Inc.
- Big Heart Pet Brands
- B&G Foods Inc.
- Bellisio Foods Inc.
- Mondelez International Inc.
- Michael Foods Inc.
- Flowers Foods Inc.
- Pinnacle Foods Group LLC
- AdvancePierre Foods Inc.
- Windsor Quality Food Co. Ltd.
- CTI Foods Holding Co. LLC
- Best Brands Corp.
- Advance Food Co.
- TreeHouse Foods Inc.
- Shearer's Foods LLC

Note: Product cover images may vary from those shown
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Note: Product cover images may vary from those shown


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