LONDON (Standard&Poor's) Aug. 6, 2002--Standard&Poor's Ratings Services said today that it has affirmed its triple-'A' long-term and 'A-1'-plus short-term corporate credit ratings on Nestlé S.A., following the announcement that the Switzerland-based food group will acquire the assets of Chef America Inc., a leading U.S. frozen food manufacturer, for a total cash consideration of $2.6 billion. The outlook is negative. "The acquisition will delay the restoration of Nestlé's financial profile, which is currently weak for the rating category. Nevertheless, Standard&Poor's expects the group to achieve financial measures commensurate with the ratings--including funds from operations to net debt exceeding 90%--no later than the end of first-half 2004," said Standard&Poor's credit analyst Vincent Allilaire. Coverage
