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Moody's affirms Del Monte
Moody's Investors Service said it affirmed Del Monte Corp.'s long term ratings, including its Ba3 corporate family rating.
The company's speculative-grade liquidity rating was lowered to SGL-3 from SGL-2, based on Moody's expectation that cash flow generation over the next 12 months will be less robust in a climate of rising commodity input costs and that Del Monte's modest covenant cushion will deteriorate.
The outlook remains stable.
The agency said that the company's speculative-grade liquidity rating of SGL-3 reflects Moody's expectation that Del Monte's free cash flow generation over the next 12 months could be less robust than in the recent past, as high raw materials costs continue to pressure margins.
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