BULLETIN: Del Monte Foods Co. Ratings Unaffected by Plan to Sell Pet Food Brands Feb 04
- ID: 2034692
- February 2004
- Standard & Poors
NEW YORK (Standard & Poor's) Feb. 6, 2004--Standard & Poor's Ratings Services said today that the ratings and outlook on San Francisco, Calif.-based Del Monte Foods Company (BB-/Stable/--) and its operating subsidiary Del Monte Foods Corp. (BB-/Stable/--) would not be affected by the company's announcement that it intends to sell all its rights in pet food brands IVD- and Medi-Cal-, as well as its rights in the Techni-Cal- brand in the United States and Canada, to Royal Canin for $82.5 million. Standard & Poor's expects that Del Monte will use net proceeds from the sale, about $60 million to $65 million, to pay down debt outstanding under its senior credit facility....
Companies mentioned in this report are: Del Monte Corp.
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