Groupe Danone S.A. http://www.alacrastore.com/company-snapshot/Groupe_Danone_S_A-1001573 Thursday, July 24, 2008 3:30:08 PM 1001573 Groupe Danone S.A. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/newstex/BW-0001-25388322newstex/BW-0001-25388322xml CHICAGO, May ##, #### (Business Wire) -- Fitch Ratings has assigned a 'BBB' rating to Kraft Foods Inc.'s (Kraft) (NYSE: KFT) $# billion senior unsecured notes offering. Kraft's current ratings are as follows: --Long-term Issuer Default...04000000040090000400900104016000040160055/19/2008 6:16:29 PM18000000180240001800900018016000Business WireBW-0001-25388322GROUPE DANONEKRAFT FOODS INCGDNNYKFTNewsNewstexFRANCE - Groupe Lactalis SA agreed to acquire the baby milk and baby drink business of Koninklijke Numico NV, an Schipol Airport-based producer of specialized food and nutritional products, and a unit of Groupe Danone SA (GD). The transaction was subject to regulatory approvals. Concurrently, Hero AG agreed to acquire the export business of Bledina SA.5/8/2008 4:42:47 PM39940M66922P39940M399449Groupe Lactalis SAKoninklijke Numico NV-Baby Milk & Baby Drink BusinessGroupe Lactalis SAGroupe Danone SAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Groupe_Lactalis_SA_acquires_Koninklijke_Numico_NV_Baby_from_Groupe_Danone_SA-1975750040sdc/19757500401975750040Copyright © 2008, Thomson Financial, All Rights ReservedFood and Kindred ProductsFranceFluid milk2026FFForeignPrivate2021:Creamery butter2022:Natural, processed, and imitation cheese2023:Dry, condensed, and evaporated dairy products2026:Fluid milk5143:Dairy products, except dried or canned6719:Offices of holding companies, nec2021:Creamery butter2022:Natural, processed, and imitation cheese2023:Dry, condensed, and evaporated dairy products2026:Fluid milk5143:Dairy products, except dried or canned6719:Offices of holding companies, necFood and Kindred ProductsFranceDry, condensed, and evaporated dairy products2023FFForeignSubsidiary128025002Produce,whl dairy prod;hldg coProduce,whl milk,cookies,jamsUnspecifiedAssets1009485001May 8 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.00000Groupie Locales SA,headquartered in Laval,France, produces andwholesales dairy products. Thecompany also offers milk underthe Lactel brand, butter,cream, yogurt, and cheeseunder the President, Bridel,Lepetit and Lanquetot brands.The Group is also a holdingcompany and was founded in1933.Groupie Locales SA, headquartered in Laval, France, producesand wholesales dairy products. The company also offers milkunder the Lactel brand, butter, cream, yogurt, and cheeseunder the President, Bridel, Lepetit and Lanquetot brands.The Group is also a holding company and was founded in 1933.Groupie Locales SA, headquartered in Laval, France, produces and wholesales dairy products. The company also offers milk under the Lactel brand, butter, cream, yogurt, and cheese under the President, Bridel, Lepetit and Lanquetot brands. The Group is also a holding company and was founded in 1933.1.000002.000003.000004.000005.00000Koninklijke Numico NV's babymilk & baby drink business,located in France, producesbaby food products, includingmilk and drink.Koninklijke Numico NV's baby milk & baby drink business,located in France, produces baby food products, includingmilk and drink.Koninklijke Numico NV's baby milk & baby drink business, located in France, produces baby food products, including milk and drink.0.000000.000000.000000.00000N06 May 08Tue, 06 May 2008 00:00:00 ESTDate Announced: 05/06/2008Date Effective:Acq. of AssetsFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.000000.000000.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.00000FRANCE - Groupe Lactalis SAagreed to acquire the babymilk and baby drink businessof Koninklijke Numico NV, anSchipol Airport-based producerof specialized food andnutritional products, and aunit of Groupe Danone SA (GD).The transaction was subject toregulatory approvals.Concurrently, Hero AG agreedto acquire the export businessof Bledina SA.FRANCE - Groupe Lactalis SA agreed to acquire the baby milk and baby drink business of Koninklijke Numico NV, an Schipol Airport-based producer of specialized food and nutritional products, and a unit of Groupe Danone SA (GD). The transaction was subject to regulatory approvals. Concurrently, Hero AG agreed to acquire the export business of Bledina SA.FRANCE - Groupe Lactalis SA agreed to acquire the baby milk and baby drink business ofKoninklijke Numico NV, an Schipol Airport-based producer of specialized food andnutritional products, and a unit of Groupe Danone SA (GD). The transaction was subject toregulatory approvals. Concurrently, Hero AG agreed to acquire the export business ofBledina SA.FRANCE - Groupe Lactalis SA agreed to acquire the baby milk and baby drink business of Koninklijke Numico NV, an Schipol Airport-based producer of specialized food and nutritional products, and a unitof Groupe Danone SA (GD). The transaction was subject to regulatory approvals. Concurrently, Hero AG agreed to acquire the export business of Bledina SA.FRANCE - Groupe Lactalis SA agreed to acquire the baby milk and baby drink business of Koninklijke Numico NV, an Schipol Airport-basedproducer of specialized food and nutritional products, and a unit of Groupe Danone SA (GD). The transaction was subject to regulatoryapprovals. Concurrently, Hero AG agreed to acquire the export business of Bledina SA.Lazard1.00000$ 0.000 - Lazard - Adv0.00000Pending0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Pending-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000002023:Dry, condensed, and evaporated dairy products2032:Canned specialties128025002France2026ForeignPrivate2023:Dry, condensed, and evaporated dairy products2052:Cookies and crackers2082:Malt beverages2086:Bottled & canned soft drinks & carbonated waters2098:Macaroni, spaghetti, vermicelli and noodles2099:Food preparations, nec2671:Packaging paper & plastics film,coated & laminated2673:Plastics, foil and coated paper bags3229:Pressed and blown glass and glasswear, nec5143:Dairy products, except dried or canned5149:Groceries and related products, nec6719:Offices of holding companies, nec7267002ParisFrance2023ForeignPublicBN-FR0.000000.000000.000000.00000Deal InformationThomson Financial Mergers & AcquisitionsBELGIUM - Hero AG of Switzerland, a ##%-owned unit of AOH Nahrungsmittel GmbH & Co KG's FIM AG subsidiary, agreed to acquire the export business, located in Belgium and the Netherlands, of Bledina SA, a Villefranche-Sur-Saone Cedex-based producer of health food products, and a unit of Groupe Danone SA. The transaction was subject to regulatory approval. Concurrently, Groupe Lactalis SA agreed to acquire the baby milk and baby drink business of Koninklijke Numico NV.5/8/2008 4:42:47 PM42770M09540L63071C399449Hero AGBledina SA-Export BusinessAOH Nahrungsmittel GmbH & Co KGGroupe Danone SAhttp://www.alacrastore.com/storecontent/Thomson_M%26A/Hero_AG_acquires_Bledina_SA_Export_Business_from_Groupe_Danone_SA-1975757040sdc/19757570401975757040Copyright © 2008, Thomson Financial, All Rights ReservedZurichFood and Kindred ProductsSwitzerlandCanned specialties2032FFForeignPublicHER2013:Sausages and other prepared meat products2032:Canned specialties2033:Canned fruits, vegetables, jams, and jellies2034:Dried fruits, vegetables, and soup mixes2091:Canned and cured fish and seafoods2099:Food preparations, nec5141:Groceries, general line5142:Packaged frozen foods5149:Groceries and related products, nec6719:Offices of holding companies, nec6799:Investors, necBusiness ServicesBelgiumBusiness services, nec7389FFForeignSubsidiary214378001Invest hldg coProduce,whl milk,cookies,jamsUnspecifiedAssets1009488001May 8 20080.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.00000Hero AG, based in Lenzburg,Switzerland, produces andwholesales canned and packedspecialties such as sausages,dried fruits, vegetables andsoups, jams, pasta, fruitdesserts, baby food,vegetables, salads andready-made dishes.Hero AG, based in Lenzburg, Switzerland, produces andwholesales canned and packed specialties such as sausages,dried fruits, vegetables and soups, jams, pasta, fruitdesserts, baby food, vegetables, salads and ready-madedishes.Hero AG, based in Lenzburg, Switzerland, produces and wholesales canned and packed specialties such as sausages, dried fruits, vegetables and soups, jams, pasta, fruit desserts, baby food, vegetables, salads and ready-made dishes.1.000002.000003.000004.00000Bledina SA's export business,located in Belgium and theNetherlands, provides exportservices in the food industry.Bledina SA's export business, located in Belgium and theNetherlands, provides export services in the food industry.Bledina SA's export business, located in Belgium and the Netherlands, provides export services in the food industry.0.000000.000000.000000.00000Y06 May 08Tue, 06 May 2008 00:00:00 ESTDate Announced: 05/06/2008Date Effective:Acq. of AssetsFriendly0.000000.000000.000000.000000.000000.00000Price/Share0.0000000.000000.0000000.000000.000000.000000.000000.000000.0000000.00000N0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000100.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000001.000002.000003.000004.000005.000006.000007.000008.000009.0000010.0000011.0000012.0000013.0000014.0000015.0000016.0000017.0000018.00000BELGIUM - Hero AG ofSwitzerland, a 74%-owned unitof AOH Nahrungsmittel GmbH &Co KG's FIM AG subsidiary,agreed to acquire the exportbusiness, located in Belgiumand the Netherlands, ofBledina SA, aVillefranche-Sur-SaoneCedex-based producer of healthfood products, and a unit ofGroupe Danone SA. Thetransaction was subject toregulatory approval.Concurrently, Groupe LactalisSA agreed to acquire the babymilk and baby drink businessof Koninklijke Numico NV.BELGIUM - Hero AG of Switzerland, a 74%-owned unit of AOH Nahrungsmittel GmbH & Co KG's FIM AG subsidiary, agreed to acquire the export business, located in Belgium and the Netherlands, of Bledina SA, a Villefranche-Sur-Saone Cedex-based producer of health food products, and a unit of Groupe Danone SA. The transaction was subject to regulatory approval. Concurrently, Groupe Lactalis SA agreed to acquire the baby milk and baby drink business of Koninklijke Numico NV.BELGIUM - Hero AG of Switzerland, a 74%-owned unit of AOH Nahrungsmittel GmbH & Co KG'sFIM AG subsidiary, agreed to acquire the export business, located in Belgium and theNetherlands, of Bledina SA, a Villefranche-Sur-Saone Cedex-based producer of health foodproducts, and a unit of Groupe Danone SA. The transaction was subject to regulatoryapproval. Concurrently, Groupe Lactalis SA agreed to acquire the baby milk and baby drinkbusiness of Koninklijke Numico NV.BELGIUM - Hero AG of Switzerland, a 74%-owned unit of AOH Nahrungsmittel GmbH & Co KG's FIM AG subsidiary, agreed to acquire the export business, located in Belgium and the Netherlands, of Bledina SA,a Villefranche-Sur-Saone Cedex-based producer of health food products, and a unit of Groupe Danone SA. The transaction was subject to regulatory approval. Concurrently, Groupe Lactalis SA agreed toacquire the baby milk and baby drink business of Koninklijke Numico NV.BELGIUM - Hero AG of Switzerland, a 74%-owned unit of AOH Nahrungsmittel GmbH & Co KG's FIM AG subsidiary, agreed to acquire the exportbusiness, located in Belgium and the Netherlands, of Bledina SA, a Villefranche-Sur-Saone Cedex-based producer of health food products,and a unit of Groupe Danone SA. The transaction was subject to regulatory approval. Concurrently, Groupe Lactalis SA agreed to acquirethe baby milk and baby drink business of Koninklijke Numico NV.Lazard1.00000$ 0.000 - Lazard - Adv0.00000Pending0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.00000Status:Pending-999.00000np0.00000-999.00000np0.000000.000000.000000.000000.000000.000000.000000.000000.000000.000000.000007389:Business services, nec807183001Germany6799ForeignPrivate2023:Dry, condensed, and evaporated dairy products2052:Cookies and crackers2082:Malt beverages2086:Bottled & canned soft drinks & carbonated waters2098:Macaroni, spaghetti, vermicelli and noodles2099:Food preparations, nec2671:Packaging paper & plastics film,coated & laminated2673:Plastics, foil and coated paper bags3229:Pressed and blown glass and glasswear, nec5143:Dairy products, except dried or canned5149:Groceries and related products, nec6719:Offices of holding companies, nec7267002ParisFrance2023ForeignPublicBN-FR0.000000.000000.000000.00000Deal InformationThomson Financial Mergers & Acquisitionshttp://www.alacrastore.com/storecontent/newstex/MW-0001-24917123newstex/MW-0001-24917123xml LONDON, UNITED KINGDOM, Apr. ##, #### (Marketwire delivered by Newstex) -- Reportlinker.com announces that a new market research report related to the Baby food industry is available in its catalogue. World Baby Foods and Infant Formula...040000000401800016000000160030001400000014024000140240021300000013004000130040010401000004010001040130000401300207000000070140000701401208003000040070034/30/2008 2:17:34 PM18000000180200001802200019000000190010001900200019002004190020091900201319002007190020101900201219002011190020011900201819002015MarketwireMW-0001-24917123ABBOTT LABORATORIESBRISTOL MYERS SQUIBB COBRISTOL-MYERS SQUIBB COMPANY $2 CONVERTIBLEGROUPE DANONEABTBMYBMY PRGDNNYNewsNewstexhttp://www.alacrastore.com/storecontent/newstex/BW-0001-24255954newstex/BW-0001-24255954xml DUBLIN, Ireland, Apr. #, #### (Business Wire) -- Research and Markets (http://www.researchandmarkets.com/reports/c#####) has announced the addition of Datamonitor's new report: Groupe Danone - SWOT Analysis to their offering. Our...04000000040180000401600004016001040160481800000018008000180040001900000019003000190020001900200719002018Business Wire4/4/2008 4:13:39 AMBW-0001-24255954GROUPE DANONEGDNNYNewsNewstexhttp://www.alacrastore.com/storecontent/cs/63286cs/63286norm63286 #### Euro Consumer Goods Outlook Heading into #### trading conditions are expected to remain challenging for the mass-market Euro consumer goods names, reflecting rising commodity costs, U.S. dollar weakness and an ongoing limited ability...2702YesD0Article1031631138510041542091163410116281051874corp478724821Sector Outlooks1/7/2008 11:12:44 PM150We maintain our underweight recommendation on the Euro Consumer Goods sector heading into 2008, fuelled by significant uncertainty surrounding Cadbury Schweppes in the coming months and ongoing M&A event risk in the luxury segment.63286Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/moodys/COP_2108moodys/COP_2108htmlCredit Opinion1/4/2008 2:19:46 AMGlobal Credit Research Credit Opinion # NOV #### Credit Opinion: Groupe Danone Groupe Danone Paris, France Ratings Category Moody's Rating Outlook Stable Senior Unsecured MTN -Dom Curr A# Other Short Term -Dom Curr NR Danone Finance...Groupe Danone2108150.0000NewshtmlGroupe DanoneCOP_2108Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_143876_600020609moodys/PR_143876_600020609htmlRating Action11/7/2007 12:25:20 AMGlobal Credit Research Rating Action # NOV #### Rating Action: Danone Finance S.A. Moody's downgrades Danone to A# from A#, outlook is stable London, ## November #### -- Moody's Investors Service has today downgraded the senior unsecured...Danone Finance S.A.600020609150.0000Newshtml2108Groupe DanoneDanone Finance S.A.; Groupe DanonePR_143876_600020609Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/596008spcred/596008normThe latest Full Report from S&P8/13/2007 3:29:00 PMFull Report400global596008FrancePackaged Foods & MeatsEurope, Middle East, AfricaGlobal IssuersCorporationsConsumer ProductsFull ReportLeading positions of its core businesses, which are among the fastest-growing categories in the food industry; Strong cash flow generation; and Successful health and wellness differentiation strategy, to be potentially enhanced by the integration of recently acquired businesses. Exposure to the strongly price-competitive environment for consumer goods in Europe; and Current deteriorated financial profile, pro forma of announced transactions, although we expect the group to restore and sustain an intermediate financial profile from 2009. The ratings on France-based food manufacturer Danone (Groupe) reflect the group's leading positions in processed dairy products, bottled water, and baby food, in a mix of emerging and mature countries, and its successful implementation of its health and wellness differentiation strategy, which underpin its strong cashFRA30202030 302020 3020 30Danone (Groupe)116392EUROMIDAFRBSN@GRFULLFRAF2809W30202030 302020 3020 30Danone Finance115698EUROMIDAFR7222ZGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/596009spcred/596009normThe latest Summary from S&P8/13/2007 3:29:00 PMSummary175global596009FrancePackaged Foods & MeatsEurope, Middle East, AfricaGlobal IssuersCorporationsConsumer ProductsSummaryThe ratings on France-based food manufacturer Danone (Groupe) reflect the group's leading positions in processed dairy products, bottled water, and baby food, in a mix of emerging and mature countries, and its successful implementation of its health and wellness differentiation strategy, which underpin its strong cash flow generation ability. The ratings are constrained by Danone's exposure to the strongly price-competitive environment for consumer goods in Europe and its high leverage pro forma of announced transactions. Prior to these transactions, the group's adjusted net debt was €3.5 billion at Dec. 31, 2006. Standard&Poor's Ratings Services expects that Danone will steadily restore its financial profile, which will be degraded following completion of the announced €12.8 billion all-cash acquisition of RoyalFRA30202030 302020 3020 30Danone (Groupe)116392EUROMIDAFRBSN@GRSUMMARYGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/592591spcred/592591norm7/25/2007 3:34:18 PMThe latest News from S&PNewsCLINICAL BOLT OWNERS WAHAHA DEGRADED UPDATED DISPUTE NUMICO BABY SUSTAIN VINCENT PROMPTED STEADILY RESTORE DANONE OPPORTUNISTIC MINORITY RESTORED NUTRITION EUR EXPECT GROUPE PRICES INPUT IRRESPECTIVE ROYAL ALLILAIRE VENTURELONDON (Standard&Poor's) July 25, 2007--Standard&Poor's Ratings Services said today that it affirmed its 'A-' long-term corporate credit and senior unsecured debt ratings on France-based food manufacturer Danone (Groupe) following further assessment of the group's updated financial policy. The ratings have been removed from CreditWatch with negative implications, where they were placed on July 11, 2007. The outlook is stable. At the same time, Standard&Poor's affirmed the 'A-2' short-term credit rating on Danone. "The affirmation reflects Standard&Poor's expectation that Danone will steadily restore its financial profile, which will be degraded following completion of the announced Ç12.8 billion all-cash acquisition of Dutch baby food and clinical nutrition manufacturer Royal Numico N.V.," said Standard&Danone (Groupe)30202030 302020 3020 30FRAglobal100.00116392592591Credit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/592592spcred/592592norm7/25/2007 3:34:18 PMThe latest Research Update from S&PResearch UpdateCATEGORIES BRANDS ALLOWING DOWNWARD STOOD WAHAHA DIFFERENTIATED BENEFIT UPDATED DISPUTE NUMICO PROMPTED RESTORE RISING MINORITY BISCUITS ATTRACTIVENESS SUITABILITY NUTRITION EXPECT GROUPE PRICES INNOVATION DIVISION ENLARGED REALIZATION 10X CLINICAL BRIDGE INTENSITY BOLT OWNERS DEGRADED COMMITMENTS GENERATIVE SUPPORTED BABY NONCURRENT SUSTAIN STEADILY DANONE OPPORTUNISTIC RESTORED FFO EUR DIVISIONS TRIGGERS GEOGRAPHICAL INPUT IRRESPECTIVE ROYAL EBITDA VENTUREOn July 25, 2007, Standard&Poor's Ratings Services affirmed its 'A-' long-term corporate credit and senior unsecured debt ratings on France-based food manufacturer Danone (Groupe) following further assessment of the group's updated financial policy. The ratings have been removed from CreditWatch with negative implications, where they were placed on July 11, 2007. The outlook is stable. At the same time, Standard&Poor's affirmed the 'A-2' short-term credit rating on Danone. The affirmation reflects Standard&Poor's expectation that Danone will steadily restore its financial profile, which will be degraded following completion of the announced Ç12.8 billion all-cash acquisition of Royal Numico N.V. (Numico), a Netherlands-based baby food and clinical nutrition manufacturer. We expect the group to sustain anDanone (Groupe)30202030 302020 3020 30FRAglobal100.00116392592592Credit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/590176spcred/590176norm7/11/2007 5:10:16 PMThe latest News from S&PNewsENTERPRISE CLINICAL NOTCH DEPEND MATERIALLY BENEFIT DISCUSSION DEAL NUMICO BABY DEALS CHOICES VINCENT PACE DANONE BUYBACK INDICATING PENDING DECISIONS NUTRITION EUR CLARIFICATION GROUPE ULTIMATELY IRRESPECTIVE ROYAL ALLILAIRE ENHANCED CLARIFY STAGE LEVERAGEDLONDON (Standard&Poor's) July 11, 2007--Standard&Poor's Ratings Services said today that it lowered its long-term corporate credit and senior unsecured debt ratings on France-based food manufacturer Danone (Groupe) to 'A-' from 'A+', following the group's decision to increase its leverage significantly to finance an announced acquisition. In addition, the ratings have been placed on CreditWatch with negative implications indicating the potential for a further downgrade, pending clarification of the group's financial policy. Standard&Poor's also lowered its short-term corporate credit rating on Danone to 'A-2' from 'A-1'. The short-term rating was not placed on CreditWatch. The downgrade and CreditWatch placement follow the announcement by Danone of its intention to acquire Royal Numico N.V. (Numico), a Netherlands-basedDanone (Groupe)30202030 302020 3020 30FRAglobal100.00116392590176Credit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/590177spcred/590177norm7/11/2007 5:10:16 PMThe latest Research Update from S&PResearch UpdateDIVERSIFY BRANDS DOWNWARD MATERIALLY CONSULTATIONS BENEFIT DISCUSSION DEAL DIFFERS NUMICO DEALS FINANCED RESTORE PACE BUYBACKS BUYBACK INDICATING BISCUITS ATTRACTIVENESS SUITABILITY DECISIONS NUTRITION CLARIFICATION GROUPE ULTIMATELY DIFFERENTIATION DETERIORATE DIVISION CLARIFY STAGE LED ENTERPRISE CLINICAL BRIDGE NOTCH DEPEND GENERATIVE SUPPORTED BABY NONCURRENT CHOICES RESTORATION MAINTAINS DANONE OPPORTUNISTIC WELLNESS PENDING EUR DIVISIONS COMPATIBLE TRIGGERS IRRESPECTIVE ROYAL ENHANCED LEVERAGEDOn July 11, 2007, Standard&Poor's Ratings Services lowered its long-term corporate credit and senior unsecured debt ratings on France-based food manufacturer Danone (Groupe) to 'A-' from 'A+', following the group's decision to increase its leverage significantly to finance an announced acquisition. In addition, the ratings have been placed on CreditWatch with negative implications indicating the potential for a further downgrade, pending clarification of the group's financial policy. Standard&Poor's also lowered its short-term corporate credit rating on Danone to 'A-2' from 'A-1'. The short-term rating was not placed on CreditWatch. The downgrade and CreditWatch placement follow the announcement by Danone of its intention to acquire Royal Numico N.V. (Numico), a Netherlands-based baby food and clinical nutrition manufacturer,Danone (Groupe)30202030 302020 3020 30FRAglobal100.00116392590177Credit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_137400_600020609moodys/PR_137400_600020609htmlRating Action7/11/2007 12:25:14 AMMoody's reviews Danone for possible downgradeDanone Finance S.A.600020609150.00Newshtml2108Groupe DanoneDanone Finance S.A.; Groupe DanonePR_137400_600020609Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/588842spcred/588842norm7/4/2007 7:10:40 AMThe latest News from S&PNewsEXCLUSIVE SPEND DISPOSE FRESH THIRDS PROFITS SUSTAIN BACKS DANONE BISCUITS EUR DAIRY CONSIDERS GROUPE DIFFERENTIATION GEOGRAPHICAL LESSER FIRM DIVISION BEVERAGES WEAKENLONDON (Standard&Poor's) July 4, 2007--Standard&Poor's Ratings Services said today that its ratings and outlook on France-based food manufacturer Danone (Groupe) (A+/Stable/A-1) remain unchanged following the announcement of exclusive negotiations to dispose of its biscuits division, for a gross cash consideration of Ç5.3 billion. The price is firm, and the likelihood that the disposal will be completed is high, although the transaction will be subject to competition review in the EU. Although the division accounts for about 16% of Danone's sales and profits, and provides a positive diversification away from the remaining two main businesses of the group (two-thirds fresh dairy, one-third beverages), Standard&Poor's considers the disposal will not weaken the group's business risk profile.Danone (Groupe)30202030 302020 3020 30FRAglobal100.00116392588842Credit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_137020_600057040moodys/PR_137020_600057040htmlRating Action7/4/2007 12:39:02 AMGlobal Credit Research Rating Action # JUL #### Rating Action: Kraft Foods Inc. Moody's reviews Kraft's ratings for possible downgrade Approximately $## billion of debt securities affected. New York, July ##, #### -- Moody's Investors...Kraft Foods Inc.600057040150.00Newshtml525000Nabisco, Inc.315500General Foods Corp2108Groupe DanoneGeneral Foods Corp; Groupe Danone; Kraft Foods Inc.; Nabisco, Inc.PR_137020_600057040Credit & Investment ResearchMoody's Global Credit Research