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S&P lifts Dean Foods
Standard & Poor’s said it raised the corporate credit rating on Dean Foods Co. to BB- from B+ and assigned a stable outlook.
The agency also said it raised the rating on the company’s senior secured debt to BB+ from BB. The recovery rating remains at 1, indicating 90% to 100% expected default recovery.
In addition, S&P also said it raised the rating on the company’s senior unsecured debt to B+ from B. The recovery rating remains at 5, indicating 10% to 30% expected default recovery.
The agency also said it raised the rating on subsidiary Dean Holding Co.’s senior unsecured debt to B from B-. The recovery rating remains at 6, indicating 0 to 10% expected default recovery.
The company’s financial risk profile has improved and the company is expected to maintain adjusted leverage below 4x, S&P said.
Despite recent high ingredient costs and challenging industry conditions, the agency said it expects the company to sustain its reduced leverage and significant cash flow.
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