Standard & Poor's Ratings Services said it has affirmed its 'BB+' corporate credit rating and other ratings on Smithfield Foods Inc, recognising that the company's pork processing operations should be entering a period of improving profitability.
The ratings were also removed from creditwatch with negative implications, where they were placed on Aug 10, after the company had said that Groupe Smithfield SL, its joint venture with Oaktree Capital Management LLC, was temporarily operating under an unsecured credit facility guaranteed by it.
