MOSCOW (Standard & Poor's) June 15, 2011--Standard & Poor's Ratings Services said today that it had affirmed its 'BB+' long-term corporate credit and 'ruAA+' Russia national scale ratings on Russia's largest dairy and fruit juice producer Wimm-Bill-Dann Foods OJSC and its bond.
We have withdrawn the ratings at Wimm-Bill-Dann's request. The outlook was positive at the time of withdrawal, indicating potential credit upside stemming from operating synergies and positive funding developments at Wimm-Bill-Dann under the new ownership by PepsiCo Inc. (A/Stable/A-1).
We note that since PepsiCo's acquisition of Wimm-Bill-Dann, public information flow regarding Wimm-Bill-Dann's financial performance has diminished materially. Nevertheless, we were able to affirm the ratings based on stable industry and competitive conditions, the short time since the last report, and an update by Wimm-Bill-Dann's management on debt financing actions taken since PepsiCo's takeover.