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S&P: Heinz on positive watch; Kraft on negative watch
Standard & Poor’s said it placed all of H.J. Heinz Co.’s ratings, including its BB- corporate credit rating, on CreditWatch with positive implications.
The agency also said it placed the BBB corporate credit and A-2 short-term and commercial-paper ratings on Kraft Foods Group Inc. on CreditWatch with negative implications.
Both CreditWatch listings will be resolved following a review of the financial and business impact of the announced merger of these companies,
The assessment will include the review of the companies’ capital structure and integration plan, as well as the combined company’s ability to de-leverage and improve credit protection measures, along with its future business strategies and financial policy, S&P said.
The agency said it believes the combined company will likely have a BBB- corporate credit rating due to the strength of the brand portfolio, scale of the combined company, diversity of brands and geographies and strong cash flow, the agency said.
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