Most US Food, Tobacco, Restaurant Cos can Withstand Uncertain Credit Mkts- Fitch

Source from:  iii.co.uk MUMBAI (Thomson Financial) 10/16/2007

Fitch Ratings said most companies in the US food, tobacco and restaurant industries have substantial liquidity to withstand the tightened credit environment. Fitch said its review covers 23 issuers in its rated portfolio across the packaged foods, restaurant, tobacco and agribusiness sectors, and in total, these companies have generated nearly 8 bln usd of free cash flow for the latest 12 months and have more than 23 bln usd cash on their balance sheets. Internally generated liquidity is 31 bln usd for these sectors, which is more than adequate for 20 bln usd of maturities due in 2008-2009, Fitch said. Total liquidity rises to nearly 54 bln usd when availability under revolving credit facilities and accounts receivable securitizations are included, the ratings firm added. TFN.newsdesk@thomson.com ypv/ran COPYRIGHT Copyright 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. Enditem