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S.&P.: Flowers’ ratings not affected by Lepage
date:Jun 08, 2012
ds of breads, buns, and rolls. Lepage has three bakeries with available production capacity for Flowers expansion, especially of the Natures Own and Tastykake brands, in the Mid-Atlantic and Northeast markets.
The ratings service said it believes credit metrics will remain near current levels through fiscal 2012. As of the first quarter ended April 21, 2012, S.P. estimated adjusted debt to EBITDA was about 2.8x and the ratio of funds from operations to total adjusted debt was 27%.
We expect the

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