Fitch affirms Dole

Fitch Ratings said it affirmed the ratings of Dole Food Co., Inc., Solvest Ltd. and Dole Holding Co., LLC.

Affirmed are Dole Food's issuer default rating at B-, secured asset-based revolving facility at BB-/RR1, secured term loan B at BB-/RR1 and senior unsecured debt at CCC+/RR5.

For Solvest, affirmed are its issuer default rating at B- and secured term loan C at BB-/RR1. For Dole Holding, affirmed is the issuer default rating at B-.

The outlook is negative.

Dole's ratings reflect the company's high financial leverage and Fitch's view that significant credit risk is present with a limited margin of safety remains, the agency said. The company also suffers from its products' lower margins and substantial risk in its foreign operations.

The ratings also consider the company's worldwide market position, strong global brand, favorable consumption trends for fruits and vegetables and the considerable net worth of its owner David H. Murdock.

For the year ended March 24, its total debt-to-operating EBITDA ratio was 8.4 times; up from 4 times.

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