USA: DBRS confirms rating of HJ Heinz Co & HJ Heinz Co of Canada at A (low) & R-1 (low)
Dominion Bond Rating Service (DBRS) has revealed that the corporate debt rating of US-based HJ Heinz Co is assigned as A (low) with a Stable trend and the commercial paper rating of HJ Heinz of Canada, based on full guarantee of its US parent, is confirmed at R-1 (low) with stable trend. These ratings, says DBRS, reflect the five factors. Firstly, the financial profile should improve as Heinz has committed to reduce its debt by US$750m in two years through better working capital management and substantial reduction in capital expenditure. In addition, acquisition and share repurchase activity will be suspended.
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