S&P trims Campbell Soup

S&P said it lowered its issuer credit rating on Campbell Soup Co. to BBB- from BBB and lowered the short-term rating to A-3 from A-2.

Concurrently, S&P lowered the existing issue-level ratings to BBB- from BBB.

The outlook is stable.

“The downgrade reflects our view that following the proposed divestitures, Campbell will be a less diversified company with increased reliance on its soup and beverage businesses to fund growth in its snack segment. The soup and beverage segments, however, are declining categories,” S&P said in a news release.

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