Moody's may upgrade Swift

Moody's Investors Service said it placed Swift & Co.'s B3 corporate family and probability-of-default ratings, Caa1 senior unsecured and senior subordinated notes on review for possible upgrade following the announcement that the company will be acquired by J&F Participacoes SA of Brazil in an all-cash transaction of about $1.4 billion, including the assumption of $1.2 billion in Swift debt. Post-transaction, the combined company will be the world's largest beef and pork processor in terms of capacity.

The agency said its review will focus on the successful execution of the acquisition, the post-transaction credit profile of the resulting company and group and the ultimate disposition of Swift's debt.

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