S&P puts Welch on watch

Standard & Poor's said it placed Welch Foods Inc.'s A long-term corporate credit rating on CreditWatch with negative implications.

"The CreditWatch placement reflects our concerns about the company's ability to improve credit measures closer to the medians for the current A rating," S&P analyst Pat Jeffrey said in a statement.

The cooperative has made some progress in improving operating performance and credit protection measures over the past several years as part of its transformation plan and has had two record harvests, the agency noted.

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