S&P ups Wimm-Bill-Dann

Standard & Poor's said it raised the long-term corporate credit rating on Wimm-Bill-Dann Foods OJSC to BB+ from BB-, along with its Russia national scale rating and senior unsecured debt rating on its outstanding Russian ruble bonds to ruAA+ from ruAA-.

The agency said it removed the ratings from CreditWatch, where they were placed with positive implications in December.

The outlook is positive.

The ratings reflect an analysis of the company's stand-alone credit profile together with the implied support from PepsiCo, S&P said.

This support incorporates an assessment of PepsiCo's majority ownership of Wimm-Bill-Dann and its strategic importance to PepsiCo given the latter's focus on building a healthy nutritional business, the agency said.

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