-- We believe Smithfield Foods Inc.'s business risk profile has
improved,
and lower debt levels have resulted in sustained improvement in credit
measures.
-- We are raising the ratings on Smithfield, including the corporate
credit rating to 'BB' from 'BB-'.
-- The outlook is stable, reflecting our opinion that Smithfield can
sustain its improved credit measures, despite the possibility of a moderate
decline in operating performance beyond fiscal 2012.
Rat
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