S&P assigns Michael Foods loan B+

Standard & Poor's said it assigned its B+ bank loan rating and a recovery rating of 2 to Michael Foods Inc.'s $640 million senior secured credit facility.

S&P said it also affirmed its ratings on Michael Foods and parent company M-Foods Holdings Inc., including its B+ corporate credit ratings.

The ratings reflect Michael Foods' high debt leverage, commodity exposure and the large number of competitors within the company's operating categories, the agency said.

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