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S&P Credit Research2020 word report
published Nov 06, 2009
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| Abstract: | Spanish processed-meat company Campofrío has successfully completed its €500 million unsecured bond issue and refinanced its existing debt. The company has entered into an offsetting swap contract, crystallizing the mark-to-market liability of its euro/dollar swap related to the dollar-denominated refinanced debt. We have raised our rating on Campofrío to 'B+' from 'B' and removed it from CreditWatch. We have also assigned a 'B+' rating to the newly issued bond. The outlook is stable, reflecting our view that CFG will reduce its debt leverage through continued positive free cash flow generation. On Nov. 6, 2009, Standard&Poor's Ratings Services raised its long-term corporate credit rating to 'B+' from 'B' on Spain-based CampoFrío Food Group S.A. (CFG), a leader in the
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| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: Spanish Processed-Meat Company CampoFrio Food Group Upgraded To 'B+' On Successful Bond Issue; Off Watch; Outlook Stable Publication date: 06-Nov-2009 Primary Credit Analyst: Florence...
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| Report Type: | Research Update
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| Issuer: | Campofrio Food Group S.A.
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| GICS: | Packaged Foods & Meats (30202030)
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| Sector: | Global Issuers
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| Country: | Spain
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| Region: | Europe, Middle East, Africa
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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