S&P assigns BBB long- and A-2 short-term corporate credit ratings to Netherlands-based Sara Lee spinoff D.E Master Blenders; outlook stable

Nevin Barich

NEW YORK , June 15, 2012 (press release) – Overview

-- U. S. consumer goods maker Sara Lee Corp. will spin off its international coffee and tea business D.E MASTER BLENDERS 1753 B.V. (Master Blenders) and list it on the NYSE Euronext exchange in Amsterdam.

-- We view Master Blenders' business risk profile as satisfactory and its financial risk profile as intermediate.

-- We are assigning our 'BBB/A-2' long- and short-term ratings to Master Blenders.

-- The outlook is stable, reflecting our view that Master Blenders' debt-to-EBITDA ratio will remain below 3.0x for the next 24 months.

Rating Action

On June 15, 2012, Standard & Poor's Ratings Services assigned its 'BBB' long- and 'A-2' short-term corporate credit ratings to Netherlands-based coffee and tea company D.E MASTER BLENDERS 1753 B.V. (Master Blenders). The outlook is stable.

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