- Published: May 2012
- Region: United States
Research Update: Del Monte Foods Co. Ratings Raised One Notch; 'BBB-' Issue Rating Assigned; Outlook Stable Jan 10
- Published: January 2010
- Standard & Poors
San Francisco, Calif.-based Del Monte Foods Co. has improved credit measures through EBITDA growth and debt repayment. We are raising Del Monte's corporate credit rating one notch to 'BB' and are assigning a 'BBB-' issue-level rating, and a '1' recovery rating, to the proposed $1.1 billion new credit facility. The stable outlook on the rating reflects that we expect Del Monte to maintain leverage below 3.5x. On Jan. 6, 2010, Standard & Poor's Ratings Services raised its ratings on Del Monte Foods Co. by one notch, including the corporate credit rating to 'BB' from 'BB-'. The outlook is stable. About $1.6 billion of debt was outstanding as of Nov. 1, 2009. We also assigned our 'BBB-' rating to operating subsidiary...
Companies mentioned in this report are: Del Monte Corp.,Del Monte Corp. (Old)
Action: New Rating
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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Del Monte Corp.,Del Monte Corp. (Old)