Research Update: Swift & Company Mar 03
- ID: 2043368
- March 2003
- Standard & Poors
On March 17, 2003, Standard & Poor's Ratings Services assigned its 'B' rating to beef and pork processor Swift & Co.'s $150 million senior subordinated notes due 2010, issued under Rule 144A with registration rights. The issuance of the notes will not provide Swift & Co. with any new proceeds, as the notes were originally issued to ConAgra Foods Inc. (BBB+/Stable/A-2) on Sept. 19, 2002, for partial consideration for the acquisition of ConAgra's beef and pork business. ConAgra will be the selling noteholder. At the same time, Standard & Poor's affirmed its 'BB-' corporate credit, 'BB' senior secured bank loan, and 'B+' senior unsecured debt ratings on Swift. The outlook on Greeley, Colo.-based Swift is stable. The company had about...
Companies mentioned in this report are:
- Swift & Co.
- ConAgra Foods Inc.
- Cargill Inc.
- Tyson Foods Inc.
- Smithfield Foods Inc.
Action: New Rating
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
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