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Bulletin: Del Monte Foods 'BB-' Rating Affirmed After Company Authorizes $200 Million Share Repurchase Sep 07
Standard & Poors, Sep 2007
Abstract
NEW YORK (Standard & Poor's) Sept. 28, 2007--Standard & Poor's Ratings Services said today that its ratings and outlook on San Francisco, Calif.-based Del Monte Food Co. (BB-/Negative/--) remain unchanged following the announcement that the company's board of directors authorized a three-year $200 million share repurchase program. We expect share repurchases will occur at a measured pace and be financed with free cash flow. We expect Del Monte will also apply free cash flow to debt reduction over the intermediate term to improve credit measures, including leverage closer to 4x and funds from operations to total debt approaching 15%. If Del Monte is able to sustain profitability despite rising costs, and reduce leverage closer to 4x, the outlook could be...
Companies mentioned in this report are: Del Monte Corp.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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