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TEXT-Fitch considers withdrawing Campbell Soup ratings
November 7, 2012 / 10:30 PM / in 5 years

TEXT-Fitch considers withdrawing Campbell Soup ratings

Nov 7 - Fitch Ratings is considering withdrawing the ratings on Campbell
Soup Company (Campbell's) for business reasons. Fitch currently rates
Campbells as follows:

--Long-term Issuer Default Rating (IDR) 'A-';
--Senior unsecured debt 'A-';
--Senior unsecured credit facility 'A-';
--Short-term IDR 'F2';
--Commercial paper (CP) 'F2'.

The Rating Outlook is Stable.

Fitch reserves the right in its sole discretion to withdraw or maintain any
rating at any time for any reason it deems sufficient. Fitch believes that
investors benefit from increased rating coverage by Fitch and is providing 60
days notice to the market on the potential withdrawal of Campbell's ratings as a
courtesy to investors.

Fitch's last rating action occurred on July 10, 2012. Fitch downgraded
Campbell's long-term rating to 'A-' from 'A' and downgraded the short-term
ratings to 'F2' from 'F1'. The downgrades reflect the company's higher than
expected leverage from the $1.55 billion debt financed Bolthouse Farms
acquisition, signaling a more aggressive financial strategy. On Aug. 3, 2012,
Campbell's issued $1.25 billion in new senior notes, with plans to use the net
proceeds to finance the acquisition.

Additional information is available at www.fitchratings.com.

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