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| Prospect News home > News index > List of issuers D > Headlines for Del Monte Foods Co. > News item |
Fitch cuts Del Monte view to negative
Fitch Ratings said it revised the outlook for Del Monte Food Co. and Del Monte Corp. to negative from stable.
Affirmed ratings include Del Monte Foods Co.'s issuer default rating at BB and Del Monte Corp.'s issuer default rating at BB, senior secured bank facility at BB+ and senior subordinated notes at BB-.
Fitch said it views the addition of Milk-Bone to Del Monte's pet-snack portfolio as a strategic positive because it should expand overall margins while strengthening the company's position in a high growth category.
The agency added that for the latest 12 months ended Jan. 29, total debt to EBITDA was 3.1 times and cash flow from operations-to-total debt was 26%.
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