S&P: Dole loan rated B

Standard & Poor's said it assigned a B rating to Dole Holding Co. LLC's proposed $150 million second-lien term loan. S&P also assigned a corporate credit rating of BB- to Dole Holding Co LLC and a BB- corporate credit rating to Dole Holding Co. Inc.

The BB- corporate credit rating and other ratings on Dole Food Co. Inc. have been affirmed.

The outlook is negative.

S&P said the ratings reflect Dole's highly leveraged financial profile, which is mitigated by the company's leading position as a worldwide marketer, distributor, processor and grower of branded fresh fruit, vegetables and processed fruits.

Rolling 12-month lease-adjusted total debt to EBITDA was high at 5.0x as of March 27, 2004, and EBITDA interest coverage was 2.3x.

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