S&P: Del Monte unaffected by sale

Standard & Poor's said Friday that the ratings and outlook on San Francisco-based Del Monte Foods Co. (BB-/stable/--) and its operating subsidiary Del Monte Foods Corp. (BB-/stable/--) would not be affected by the company's announcement that it intends to sell all its rights in pet food brands IVD and Medi-Cal, as well as its rights in the Techni-Cal brand in the United States and Canada, to Royal Canin for $82.5 million.

S&P said it expects that Del Monte will use net proceeds from the sale, about $60 million to $65 million, to pay down debt outstanding under its senior credit facility.

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