Del Monte Foods Outlook Revised To Stable From Positive, Ratings Affirmed On Meow Mix Purchase Mar 06
Standard & Poors, March 2006
Abstract
NEW YORK (Standard & Poor's) March 3, 2006--Standard & Poor's Ratings Services revised its outlook on food processor Del Monte Foods Co. to stable from positive. At the same time, Standard & Poor's affirmed its ratings, including its 'BB-' long-term and 'B-1' short-term corporate credit ratings. San Francisco, Calif.-based Del Monte had about $1.3 billion of lease-adjusted total debt outstanding as of Jan. 29, 2006. The outlook revision reflects the expected delay in returning credit measures to levels appropriate for a higher rating following the company's announced $705 million acquisition of Meow Mix Holdings Inc., the second-largest U.S. dry cat-food maker, from the Cypress Group. The company intends to fund the Meow Mix transaction with about $210 million in expected...
Companies mentioned in this report are: Del Monte Corp.
Action: Affirmed
Action: Outlook: Stable
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.
Del Monte Corp.
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