Fitch affirms Hormel

Fitch Ratings said it affirmed Hormel Foods Corp.'s long-term issuer default rating of A, bank facility of A, senior unsecured notes of A, short-term issuer default rating of F1 and commercial paper at F1.

The outlook is stable.

Ratings reflect Hormel's consistently low leverage, growing operating income and meaningful cash flow generation, the agency said.

Hormel's strong credit profile is the result of both its conservative operating and financial strategy, Fitch noted.

For the 12 months ended April 27, Hormel's total debt-to-EBITDA ratio was 0.5 times.

Ratings incorporate Fitch's expectations that Hormel will continue to manage its balance sheet prudently and that debt will not increase significantly in the near term, according to the agency.

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