Fitch Affirms Campbell's Soup's IDRs at 'A-/F2'; Withdraws Ratings

  Fitch Affirms Campbell's Soup's IDRs at 'A-/F2'; Withdraws Ratings

Business Wire

CHICAGO -- January 11, 2013

Fitch Ratings has affirmed the following ratings of Campbell Soup Company
(Campbell's) and simultaneously withdrew the ratings. Fitch has decided to
discontinue the rating, which is uncompensated.

--Long-term Issuer Default Rating (IDR) at 'A-';

--Senior unsecured debt at 'A-';

--Senior unsecured credit facility at 'A-';

--Short-term IDR at 'F2';

--Commercial paper (CP) at 'F2'.

The Rating Outlook is Stable.

Campbell's ratings incorporate the substantial increase in leverage incurred
for the $1.6 billion debt financed acquisition of Bolthouse Farms (Bolthouse),
which closed in August 2012. Initial pro forma leverage (total debt to EBITDA)
is in the high 2x range, which is well above the 1.6x-1.8x leverage range
Campbell's has maintained over the past several years. The Stable Outlook
reflects that debt reduction and modest EBITDA growth should bring leverage
down to the low 2x range within 18 to 24 months of the transaction's close.

Business and Relationship Management: Tiffany Co, Chicago, Tel:
+1-312-368-3185, Email: tiffany.co@fitchratings.com.

Additional information is available at 'www.fitchratings.com'. The issuer did
not participate in the rating process or provide additional information,
beyond the issuer's available public disclosure. The ratings above were
unsolicited and have been provided by Fitch as a service to investors.

Applicable Criteria and Related Research:

--'Corporate Rating Methodology' (Aug. 8, 2012).

Applicable Criteria and Related Research:

Corporate Rating Methodology

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=684460

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS.
PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK:
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DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S
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COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM
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Contact:

Fitch Ratings
Primary Analyst
Judi M. Rossetti, CPA/CFA, +1-312-368-2077
Senior Director
Fitch, Inc.
70 W. Madison Street
Chicago, IL 60602
or
Secondary Analyst
Wesley E. Moultrie II, CPA, +1-312-368-3186
Managing Director
or
Committee Chairperson
Mark Oline, +1-312 368-2073
Managing Director
or
Media Relations
Brian Bertsch, +1-212-908-0549 (New York)
brian.bertsch@fitchratings.com
 
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