S&P assigns B- to Pinnacle Foods notes

Standard & Poor's said it assigned its B- issue rating and 6 recovery rating to Pinnacle Foods Finance LLC's proposed $400 million senior unsecured notes due 2021. S&P also reinstated the B+ corporate credit rating on Pinnacle Foods Finance LLC.

"The ratings on Pinnacle Foods reflect our view that the company has an 'aggressive' financial risk profile and 'weak' business risk profile," said S&P credit analyst Bea Chiem in a news release.

S&P said it understands that proceeds from the new notes will be used to refinance the company's existing $400 million 8¼% senior unsecured notes due 2017.

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