Fitch: Dole off watch

Fitch Ratings said it has removed its negative outlook from the ratings of Dole Food Co., Inc. and its subsidiary Solvest Ltd.

The ratings have been affirmed as follows:

• Dole Food's long-term issuer default rating at CCC; secured asset-based revolver at B+/RR1; secured term loan B at B+/RR1; third-lien secured notes at CCC/RR4; and senior unsecured debt at C/RR6; as well as

• Solvest's long-term issuer default rating at CCC; and secured term loan C at B+/RR1.

These rating actions affect Dole's $2.0 billion in consolidated debt at June 20, the agency noted.

According to Fitch, on Aug. 4, Dole announced results for the fiscal second quarter of 2009 and outlined plans to offer senior secured notes during the third quarter of 2009.

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