S&P rates Smithfield notes BBB-

S&P said it assigned its BBB- issue-level rating to Smithfield Foods Inc.'s proposed $400 million senior unsecured notes due 2021.

The agency said it expects the company to use the proceeds to repay borrowings under its securitization and revolving credit facilities.

S&P said the unchanged BBB- corporate credit rating reflects WH Group's 100% ownership of Smithfield, and the agency’s belief that the WH Group would support Smithfield's credit profile during weaker operating cycles.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.