Hillshire bondholders shrug off junk downgrade
date:May 14, 2014
e said, and makes sense from a corporate finance perspective.

Absolute borrowing costs are still attractive in the upper end of the high-yield market.

Fitch said it may downgrade Hillshire's ratings again, depending on the new capital structure, annual free cash flow and the potential pace of debt reduction for the new entity.

Hillshire may also look to refinance the 2015 bonds soon - which is when the impact of a junk rating would be felt most powerfully, as borrowing costs would be higher.

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