MELBOURNE (Standard & Poor's) Aug. 27, 2004--Standard & Poor's Ratings Services said today that Australia's National Foods Ltd.'s (BBB/Stable/-) solid results for fiscal 2004 were in line with expectations and would have no immediate impact on the company's rating or outlook. Nationals Foods reported EBIT growth of 10% to A$104.6 million, from a 5% increase in sales to A$1.2 billion. National Foods' strong cash flow generation and conservative balance sheet remain key credit strengths, providing the company with scope to grow the business should appropriate opportunities arise. National Foods announced a special dividend of five Australian cents reflecting current balance sheet strength. The renewal of the contract with Woolworths Ltd. (A-/WatchNeg/A-2) for a further three years will continue to underpin...
Companies mentioned in this report are: National Foods Ltd.,Woolworths Ltd.
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