S&P: Wells view to negative

Standard & Poor's said it revised the outlook on Wells Enterprises Inc. to negative from stable.

The agency also said it affirmed the B+ corporate credit rating and the B+ rating on the company's senior secured notes.

The outlook revision reflects a belief that continued deterioration of the company's operating performance could lead to weakening credit protection measures, said Jeff Burian, an S&P analyst.

It also reflects a view that the company's cash flow protection measures may not strengthen to levels previously expected over the next year, Burian said in a press release.

Wells reported operating performance for the first nine months of 2013 was below the company's budget and expectations, primarily due to a decline in the overall ice cream category coupled with volume impacts resulting from the company's price increase on some products and increased input costs, the analyst said.

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