Research Update: Pinnacle Foods Finance LLC Assigned 'B' Corp Credit Rating Jan 12

Standard & Poors, January 2012

Abstract
We assigned U.S.-based Pinnacle Foods Finance LLC a 'B' corporate credit rating. The outlook is stable. We affirmed all existing issue-levels ratings at Pinnacle Foods Finance LLC as well as the corporate credit rating at Pinnacle Foods Group LLC, the guarantor of the company's debt. The ratings on Pinnacle Foods Finance LLC reflect its highly leveraged financial profile and fair business profile. We view Pinnacle's financial profile as highly leveraged. Standard & Poor's Ratings Services today assigned its 'B' corporate credit rating to U.S.-based Pinnacle Foods Finance LLC. All rated debt, including the company's senior secured credit facilities and subordinated notes, reside at this entity. The outlook is stable. In addition, we are affirming all existing issue-level ratings at Pinnacle...

Companies mentioned in this report are:
- Pinnacle Foods Finance LLC
- ConAgra Foods Inc.
- Mondelez International Inc.
- Pinnacle Foods Group LLC
- Pinnacle Foods Finance Corp.

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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.

- Pinnacle Foods Finance LLC
- ConAgra Foods Inc.
- Mondelez International Inc.
- Pinnacle Foods Group LLC
- Pinnacle Foods Finance Corp.

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