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S&P Credit Research1532 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. MADRID (Standard&Poor's) Nov. 6, 2009--Standard&Poor's Ratings Services said today that it has raised its long-term corporate credit rating to 'B+' from 'B' on Spain-based CampoFrío Food
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| Brief Excerpt: | RESEARCH Ratings Definitions 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 Devevey, Madrid (34)...
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| Report Type: | Ratings Action
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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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