Hillshire bondholders shrug off junk downgrade
date:May 14, 2014
servers were convinced.

We are surprised with the size of the deal and management's willingness to fall into high-yield territory, said CreditSights analyst Edward Mui.

Given the high leverage and soft operating outlook, we think HSH's credit ratings will fall to the low-BB area.

Fitch slashed Hillshire's credit rating by three notches to BB on Tuesday, estimating total debt-to-EBITDA will rise to mid-5.0 times based on pro forma EBITDA of around US$1.1bn.

Fellow rating agencies Moody's and
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