Fitch rates Smithfield notes BBB

Fitch Ratings said it assigned a BBB rating to Smithfield Foods Inc.’s proposed 10-year senior notes offering.

The proceeds will be used to fund the purchase price of all of the 2021 notes and 2022 notes tendered for purchase under the tender. Any remaining proceeds will be used for general corporate purposes, including debt reduction.

The notes, along with the other outstanding senior notes, are guaranteed on a senior unsecured basis by each of Smithfield’s subsidiaries that is a guarantor or borrower under the senior credit facility, ranking pari passu with Smithfield’s unsecured debt, Fitch said.

The outlook is stable.

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