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S&P downgrades Del Monte
Standard & Poor's said it lowered its corporate credit rating on Del Monte Corp. to B from B+ and the issue-level rating on Del Monte's senior secured term loan to B from B+. The recovery rating remains 3, which indicates S&P's expectation of meaningful recovery for debtholders in the event of payment default, the agency said.
S&P also said it lowered the issue-level rating on Del Monte's senior unsecured notes to CCC+ from B-. The recovery rating remains 6, which indicates S&P's expectation of negligible recovery for debtholders in the event of payment default, the agency said.
The outlook is stable.
"The downgrade reflects weaker-than-expected financial results in Del Monte's first fiscal quarter, ended July 31, 2011," said S&P credit analyst Alison Sullivan in a news release. "We believe near-term improvement is limited by input cost inflation, competitive promotional activity, and weak consumer sentiment."
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