Fitch rates Campbell notes A

Fitch Ratings said it assigned an A rating to Campbell Soup Co.'s $500 million 10-year senior unsecured notes.

The outlook is stable.

The proceeds are expected to be used to repay commercial paper and other general corporate purposes, which may include acquisitions, the agency said.

The ratings are based on the company's significant cash flow generation, modest leverage and the continuation of its balanced financial strategy, Fitch said.

The ratings incorporate Campbell's leading position in the high margin soup category and the strength of its branded product portfolio, the agency said.

The ratings also consider the mature and highly competitive U.S. soup category, which did not respond favorably to Campbell's recent high levels of promotion, Fitch added.

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