US: Moody’s upgrades Campbell Soup outlook

By just-food.com | 18 August 2006

Moody's Investors Service has upgraded its ratings outlook for Campbell Soup Company
to positive from stable.

The credit ratings, research and risk analysis specialist also affirmed its long-term rating on Campbell at A3 and its short-term rating at Prime-2 following Campbell's announcement that it had completed the sale of its UK/Ireland businesses, with the proceeds being used primarily to repurchase shares.

Moody's said the positive ratings outlook reflects its view that, "despite the announced share repurchases, Campbell could sustain a profile of stable operating performance and modest debt reduction that is commensurate with a one notch upgrade provided it continues to strike a balance between shareholder and bondholder interests".

Companies: Campbell