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BULLETIN: Del Monte Foods To Repurchase Up To $125 Million In Common Stock, No Ratings Effect Jun 05
Standard & Poors, June 2005
Abstract
NEW YORK (Standard & Poor's) June 24, 2005--Standard & Poor's Ratings Services said today that there would be no immediate effect on the ratings and outlook on Del Monte Foods Co. (BB-/Positive/B-1) following yesterday's announcement regarding the Board of Directors' authorization for the company to acquire up to $125 million of common stock. It is expected that it will take about 18 months to complete the share repurchase which will be funded out of cash on-hand ($146 million as of May 1, 2005) and cash from operations. In addition, Del Monte announced weaker-than-expected results for the fourth quarter ended May 1, 2005, due to higher commodity costs and a number of one-time expenses related to integration costs, higher expenses from...
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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