Fitch gives Del Monte notes BB-

Fitch Ratings said it has assigned a BB- rating to Del Monte Corp.'s proposed private placement of $450 million of senior subordinated notes due Oct. 15, 2019.

Fitch said its current ratings are as follows:

• Del Monte Foods Co.'s long-term issuer default rating BB; and

• Del Monte Corp.'s long-term issuer default rating BB; senior secured bank facility BB+; and senior subordinated notes BB-.

The outlook is positive.

According to the agency, Del Monte plans to use the net proceeds, together with cash on hand or borrowings under its revolving credit facility, to repurchase any and all of its $450 million of 8 5/8% senior subordinated notes due Dec. 15, 2012.

Fitch added that it does not expect Del Monte's leverage to increase as a result of these transactions.

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