Fitch Affirms Campbell's Soup's IDRs at 'A-/F2'; Withdraws Ratings

CHICAGO--()--Fitch Ratings has affirmed the following ratings of Campbell Soup Company (Campbell's) and simultaneously withdrew the ratings. Fitch has decided to discontinue the rating, which is uncompensated.

--Long-term Issuer Default Rating (IDR) at 'A-';

--Senior unsecured debt at 'A-';

--Senior unsecured credit facility at 'A-';

--Short-term IDR at 'F2';

--Commercial paper (CP) at 'F2'.

The Rating Outlook is Stable.

Campbell's ratings incorporate the substantial increase in leverage incurred for the $1.6 billion debt financed acquisition of Bolthouse Farms (Bolthouse), which closed in August 2012. Initial pro forma leverage (total debt to EBITDA) is in the high 2x range, which is well above the 1.6x-1.8x leverage range Campbell's has maintained over the past several years. The Stable Outlook reflects that debt reduction and modest EBITDA growth should bring leverage down to the low 2x range within 18 to 24 months of the transaction's close.

Business and Relationship Management: Tiffany Co, Chicago, Tel: +1-312-368-3185, Email: tiffany.co@fitchratings.com.

Additional information is available at 'www.fitchratings.com'. The issuer did not participate in the rating process or provide additional information, beyond the issuer's available public disclosure. The ratings above were unsolicited and have been provided by Fitch as a service to investors.

Applicable Criteria and Related Research:

--'Corporate Rating Methodology' (Aug. 8, 2012).

Applicable Criteria and Related Research:

Corporate Rating Methodology

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=684460

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Contacts

Fitch Ratings
Primary Analyst
Judi M. Rossetti, CPA/CFA, +1-312-368-2077
Senior Director
Fitch, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Secondary Analyst
Wesley E. Moultrie II, CPA, +1-312-368-3186
Managing Director
or
Committee Chairperson
Mark Oline, +1-312 368-2073
Managing Director
or
Media Relations
Brian Bertsch, +1-212-908-0549 (New York)
brian.bertsch@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst
Judi M. Rossetti, CPA/CFA, +1-312-368-2077
Senior Director
Fitch, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Secondary Analyst
Wesley E. Moultrie II, CPA, +1-312-368-3186
Managing Director
or
Committee Chairperson
Mark Oline, +1-312 368-2073
Managing Director
or
Media Relations
Brian Bertsch, +1-212-908-0549 (New York)
brian.bertsch@fitchratings.com