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Moody's affirms Del Monte
Moody's Investors Service said it assigned a rating of B1 to Del Monte Corp.'s proposed new $450 million of senior subordinated notes due 2019 to be issued under Rule 144A.
Moody's said it affirmed the company's other ratings, including its Ba3 corporate family and probability of default ratings and its speculative-grade liquidity rating of SGL-3.
The outlook remains positive.
Moody's said that affirmed ratings also include the senior secured revolving credit agreement, term loan A and term loan B at Ba1 (LGD2); LGD% to 24% from 25%; $250 million 6.75% senior subordinated notes due 2015 at B1 (LGD5, 79%); and $450 million 8.625% senior subordinated notes due 2012 at B1 (LGD5, 79).
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