S&P ups Del Monte outlook to stable

Standard & Poor's said it revised its outlook on Del Monte Food Co. to stable from negative.

In addition, the agency said it affirmed Del Monte's BB- corporate credit rating, and BB+ senior secured bank loan ratings.

However, the agency said it placed the company's B+ subordinated debt rating on Creditwatch with positive implications, meaning that it could raise or affirm the issue-level rating following the completion of its review.

The Creditwatch placement follows the company's intention to repay permanent debt using $300 million of net proceeds from the sale of its seafood business, S&P added.

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