S&P: Campbell Soup unchanged

Standard & Poor's said its ratings and outlook on Campbell Soup Co. (A/stable/A-1) are unaffected by the company's announcement that the board of directors has authorized the purchase of up to $1.2 billion of company stock through the end of fiscal-year-end July 2011 through open market and privately negotiated transactions.

In addition, the company will continue to repurchase stock to offset shares issued under incentive compensation programs, the agency said, noting that it expects Campbell to maintain a prudent financial policy and stable credit measures, including maintaining leverage of close to 2x and funds from operations to total debt strengthening to near 40%.

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