Research Update: U.K.-Headquartered Premier Foods 'B' Rating Affirmed, Then Withdrawn At Issuer's Request May 12

Standard & Poors, May 2012

Abstract
On May 9, 2012, Standard & Poor's Ratings Services affirmed its 'B' long-term corporate credit rating on U.K.-headquartered packaged food producer Premier Foods PLC. We then withdrew the rating at the issuer's request. At the time of the withdrawal, the outlook was negative. At the time of the withdrawal, the rating on Premier Foods reflected our assessment of its financial risk profile as "highly leveraged," due to our anticipation of Standard & Poor's-adjusted debt to EBITDA of substantially above 5x in 2012, excluding any future disposals. The rating also reflected our view of Premier Foods' business risk profile as "fair," which we saw as constrained by the company's exposure to volatile, commodity-based, raw material prices; reduced pricing power in negotiations...

Companies mentioned in this report are: Premier Foods PLC
Action: Affirmed
Action: Withdrawn

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.

Premier Foods PLC

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