Smithfield Foods Inc. Assigned #A-3# Short-Term And Commercial Paper Ratings

Stocks and Financial Services Press Releases Thursday April 26, 2018 09:52
NEW YORK--26 Apr--S&P Global Ratings

NEW YORK (S&P Global Ratings) April 25, 2018--S&P Global Ratings today assigned its 'A-3' short-term corporate credit and commercial paper ratings to Smithfield Foods Inc.'s proposed commercial paper program.

Our corporate credit rating on Smithfield is 'BBB-'. The outlook remains stable.

The 'A-3' short-term commercial paper rating reflects our 'BBB-' corporate rating on the producer/marketer of packaged and fresh meat products. In addition we believe the company continues to have strong liquidity, underpinned by good FFO and a $1.75 billion committed revolving credit facility maturing 2023 to backstop the program. Our assessment of Smithfield's liquidity reflects our expectations that sources will cover uses by 2.2x over the next 12 months and by more by 2x over the next 24 months. We also project sources would continue to cover uses if EBITDA were to decline by 50%. In addition, we believe the company has prudent risk management, which is supported by its well-established, solid relationships with its diverse and creditworthy banking group, and a formal liquidity target of cash and available committed revolving credit availability of more than $500 million at all times.

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