S&P assigns Chiquita Brands convertibles CCC

Standard & Poor's said it assigned its CCC senior unsecured rating to Chiquita Brands International Inc.'s $200 million convertible senior notes due 2016.

The agency said that net proceeds from the issuance were used to repay a portion of the $375 million term loan C, $132 million outstanding at Dec. 31, pro forma for this notes offering, of its senior secured credit facility.

According to S&P, the ratings on Chiquita reflect the company's high debt leverage, weak credit measures and its product concentration in bananas and packaged salad.

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