Campbell Soup May Be Downgraded by Moody's Amid CEO Departure
- Deleveraging targets under scrutiny as rating edges on junk
- New company earnings forecast missed analysts’ lowest estimate
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Moody’s Investors Service said it may cut Campbell Soup Co.’s credit rating after the company posted a steep drop in profitability and its chief executive officer suddenly stepped down.
All of the company’s ratings are under review, including its Baa2 senior unsecured rating, Moody’s said in a report Monday. That’s only two steps above speculative-grade. Moody’s did not say how many levels the downgrade could amount to.