USA: Fitch Changes Nabisco, Inc. Rating Watch To Positive
Fitch has changed Nabisco, Inc.'s (Nabisco) Rating Watch status from Evolving to Positive. The rating action follows Philip Morris Companies Inc. (MO) announcement that it has agreed to purchase 100% of Nabisco Holdings Corp. (NA) for $55 in cash per outstanding share for a total of $14.9 billion. In connection with the acquisition, MO will assume Nabisco's total $4.1 billion of gross debt. Fitch has affirmed MO's `A' long-term and `F1' short-term ratings. Nabisco, Inc.'s senior unsecured debt and bank credit facilities are rated `BBB'. The company's $2 billion commercial paper program is rated `F2'. Fitch is an international rating agency that provides global capital market investors with the highest quality ratings and research. Dual headquartered in New York and London with a major office in Chicago, Fitch rates entities in 75 countries and has some 1,100 employees in more than 40 local offices worldwide. The agency, which is a combination of Fitch IBCA and Duff & Phelps Credit Rating Co., provides ratings for Financial Institutions, Insurance, Corporates, Structured Finance, Sovereigns and Public Finance Markets worldwide.
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