Standard & Poor's Rating Services concluded a review of Del Monte Corp.'s issue and recovery ratings, and the recovery ratings remain unchanged. Our simulated default scenario contemplates a default in 2014 as a result of intensified competition from private label, significant loss of shelf space with major retailers, and higher commodity costs. We believe the company would reorganize in the event of default due to its viable business model, strong brand names, leading markets shares, and broad product portfolios in consumer and pet foods categories. Del Monte Corp. is the issuer of the senior secured facilities including a $500 million revolver and a $600 million Term Loan A, and the $250 million 6.75% and the $450 million 7.5% Senior Subordinated...
Companies mentioned in this report are: Del Monte Corp. (Old),Del Monte Corp.
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