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.

Latest Press Release

Thai 2018 CG Score Hits Record Listed Firms Emphasizes More on Stakeholders

The 2018 Corporate Governance Report of Thai Listed Companies (CGR), conducted by the Thai Institute of Directors (IOD) with support from the Stock Exchange of Thailand (SET), showed a 'very good' result and marked a historical high at 81%. The robust...

Sonic Interfreight Pcl. Advances Its Business Potential with an Eye on Growth To Be Leader in Integrated Logistics and Supply Chain Management in ASEAN

Sonic Interfreight Pcl. (SONIC), a leading regional provider of integrated freight and logistics services, is ready to be traded in the Market of Alternative Investment (MIA) for the first time on October 19 with full confidence of positive investors'...

Bangkok Bank reports nine-month net profit of Baht 27,229 million

The Thai economy continued to grow on the back of strong exports and buoyant domestic demand. In spite of the risks from the US trade policies and retaliatory measures of trading partners, exports continued to expand given diversified export...

Siam Commercial Bank reported Baht 10.5 billion net profit for the third quarter of 2018 and Baht 33.0 billion for the first nine months of 2018

Siam Commercial Bank and its subsidiaries announced total operating income of Baht 104.4 billion, a 2.5% yoy increase, for the first nine months of 2018. This positive income growth was achieved despite the digital transaction fee waiver. Operating...

Mastercard Appoints Aileen Chew as the New Head of Market Development

Today Mastercard announced the appointment of Ms. Aileen Chew as Head of Market Development, Thailand and Myanmar. In her new role, Ms. Chew will be responsible for the expansion of cashless payments in Thailand and Myanmar, overseeing engagement with...

Related Topics