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Fitch ups Del Monte Foods
Fitch Ratings said it upgraded Del Monte Foods Co.'s long-term issuer default rating to BB+ from BB and Del Monte Corp.'s long-term issuer default rating to BB+ from BB, senior secured bank facility to BBB- from BB+ and senior subordinated notes to BB from BB-.
The outlook is positive.
The upgrade is due to significant improvement in Del Monte's credit statistics and operating fundamentals over the past two years, Fitch said.
Pricing and volume growth concurrent with less cost inflation has resulted in better-than-expected margin improvement and cash flow generation during the current fiscal year, the agency said.
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