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BULLETIN: Del Monte Foods Co. Ratings Unaffected by Plan to Sell Pet Food Brands Feb 04

  • ID: 2034692
  • February 2004
  • Standard & Poors
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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.
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
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Del Monte Corp.

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