Fortune Brands 'BBB' ratings unaffected by wine business sale announcement - S&P |
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Published
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Tue, 13 Nov 2007 06:46
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MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said its 'BBB' ratings and stable outlook on Fortune Brands Inc remain unaffected by the company's proposed sale of its US wine business to Constellation Brands Inc, rated 'BB-' for about 885 mln usd.The transaction is expected to close by Dec 31.S&P said the wine brands included in the proposed sale generated about 214 mln usd of revenue for the fiscal year ended Dec 31, 2006. It expects a substantial portion of sale proceeds to be used to reduce the company's short-term borrowings.The stable outlook incorporates S&P's expectations for Fortune Brands to reduce and maintain leverage over the near term.TFN.newsdesk@thomson.compvi/pmiCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Fortune Brands sells U.S. wine business 