S&P: Smithfield on watch

Standard & Poor's said it placed its BB+ corporate credit rating and other ratings on Smithfield Foods Inc. on CreditWatch with negative implications.

The agency said that the CreditWatch placement follows the company's recent earnings announcement and the substantial decline in hog production operating results.

Although S&P said it realizes that there is cyclicality and volatility in the company's results, it had previously expected that Smithfield Foods would make progress quarter over quarter in its performance and in reducing debt to more acceptable levels for the rating.

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