Moody's rates Dole and Solvest loans Ba2

Moody's Investors Service said it assigned Ba2 ( LGD2, 25%) ratings to Dole Food, Co. Inc.'s $315 million seven-year term loan B due 2018 and Solvest, Ltd.'s $585 million seven-year term loan C due 2018. The company's B1 corporate family and probability of default ratings and its SGL-2 speculative-grade liquidity rating were affirmed.

The outlook is stable.

Proceeds from the new facilities will be used to refinance existing bank debt and for general corporate purposes.

Dole's ratings reflect the company's earnings and cash flow volatility from its exposure to commodity markets as well as the impact of such uncontrollable factors as weather or political regulations on key products, the agency said.

The ratings consider Dole's leadership position in its industry segment and good geographic diversity, the agency added.

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