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