Moody's rates Sara Lee notes Baa1

Moody's Investors Service said it assigned a Baa1 long-term rating to the €300 million of 2.25% notes due March 30, 2012 issued by Sara Lee/Antilles NV, a wholly owned subsidiary of Sara Lee Corp., and affirmed the existing Baa1 long-term and Prime-2 short-term ratings of Sara Lee and its subsidiaries.

The outlook is stable.

Sara Lee/Antilles will use the proceeds from the offering to refinance its €285 million bank facility that expires in January 2011.

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