Summary: Del Monte Foods Co. Sep 06

Standard & Poors, September 2006

Abstract
The ratings reflect San Francisco, Calif.-based Del Monte Food Co.'s aggressive debt levels and exposure to commodity pricing. Partially offsetting these risk factors is the company's diverse product portfolio with leading market shares and high brand recognition in the stable, domestic canned fruit and vegetable processing industry and pet food sector. Del Monte and its subsidiaries hold leading market shares in the processed fruit, vegetable, canned solid tomato, tuna, and pet food markets. The market is highly competitive as retail customers in the food industry are consolidating, rationalizing costs and reducing inventory levels to improve profitability. Wal-Mart (including Sam's Club) represented 30% of list sales, and the ten largest customers accounted for 61% of list sales in fiscal 2006. Del...

Companies mentioned in this report are: Del Monte Corp.
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Del Monte Corp.

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