S&P cuts Del Monte Foods view to negative

Standard & Poor's said it revised its outlook on Del Monte Foods Co. to negative from stable.

At the same time, S&P said it affirmed its ratings, including its BB- long-term and B-1 short-term corporate credit ratings.

Affected ratings include Del Monte Corp.'s corporate credit rating at BB-, outlook dropped to negative from stable, senior secured debt at BB and subordinated debt at B.

S&P said the ratings reflect Del Monte's aggressive debt levels and the company's exposure to commodity pricing, adding that partially offsetting these risk factors is the company's diverse product portfolio with leading market shares and high brand recognition in the stable domestic canned fruit and vegetable processing industry and pet food sector.

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