Ratings agency Standard & Poor's has assigned an 'AAA' preliminary rating to the class A €150m (US$137.9m) asset-backed floating-rate notes to be issued by Italian food giant Cremonini. "The collateral backing the notes is a portfolio of trade receivables originated by three subsidiaries in the Cremonini group of companies, an integrated food business domiciled in Italy," said Cian Chandler, ratings analyst at Standard & Poor's Structured Finance Ratings group.