S&P ups Pinnacle Foods outlook to positive

Standard & Poor's said it revised its outlook on Pinnacle Foods Group LLC to positive from stable.

At the same time, the agency said it affirmed its ratings on the company, including the B- corporate credit rating.

S&P noted that the outlook revision reflects the company's recent debt reduction efforts as well as its expectations that management will continue to improve the company's financial profile.

The agency said that the ratings reflect Pinnacle's still high debt levels and its participation in the highly competitive, although somewhat recession-resistant, packaged food industry.

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