S&P lifts Land O'Lakes view to stable

Standard & Poor's said it affirmed Land O'Lakes Inc.'s BBB- corporate credit rating.

The agency also said it revised the company's outlook to stable from negative.

The outlook revision reflects the company's improved earnings, lower-than-expected debt balances and better credit measures, S&P said.

Rating factors include the company's debt-to-EBITDA ratio of 2x to 3x, along with its diverse portfolio of businesses, strong brand awareness and leading market positions, the agency said.

This helps offset some of the earnings volatility inherent to the company's agricultural commodity businesses, particularly its dairy business, S&P said.

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