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