Fitch rates Sara Lee notes BBB

Fitch Ratings said it assigned a BBB rating to Sara Lee/DE Antilles NV's €300 million of 2.25% senior unsecured notes due March 30, 2012. Sara Lee Antilles is a wholly owned subsidiary of Sara Lee Corp. and the notes are unconditionally and irrevocably guaranteed by Sara Lee.

Sara Lee's ratings include a long-term issuer default rating of BBB, senior unsecured notes of BBB, bank credit facility of BBB, short-term issuer default rating of F2 and commercial paper of F2. Sara Lee/DE Antilles' long-term issuer default rating is BBB and term loan credit facility is BBB.

Net proceeds are expected to be used to refinance Sara Lee Antilles' €285 million term loan due in January 2011 and for general corporate purposes.

The ratings are supported by the diversification and operating earnings improvement of the company's remaining product portfolio, Fitch said.

The ratings also are supported by Sara Lee's substantial liquidity, which is important as it completes the divestitures of its household and body care businesses, the agency said.

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