USA: Fitch Places Dean Foods On Rating Watch Negative
Fitch has placed its `A' senior unsecured notes rating and its commercial paper `F1' rating of Dean Foods Company's (Dean) on Rating Watch Negative, following the company's announcement of a definitive agreement to acquire Land O' Lakes Upper Midwest fluid milk operations. Fitch's rating actions reflect the recent increase in leverage due to debt financed share repurchases and the anticipated debt financed acquisition of Land O' Lakes dairy operations.
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