Fitch gives Campbell Soup notes BBB

Fitch Ratings said it assigned a BBB rating to the proposed $1 billion 10-year and 30-year unsecured notes to be sold by the Campbell Soup Co.

The company expects to use the proceeds to repay borrowings under its revolving credit facility, repay a portion of commercial paper as it comes due and for general corporate purposes.

On March 22, Campbell had about $1.105 billion of commercial paper borrowings, which had a weighted average maturity of 84 days and a weighted average annual interest rate of 2.45%. On March 30, the company borrowed $300 million under its $1.85 billion revolving credit facility to shore up near-term liquidity.

Fitch also affirmed the company’s BBB rating.

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