MUMBAI (Thomson Financial) - Standard & Poor's Ratings Services said it
downgraded its corporate credit rating (CCR) on Dole Food Co Inc and Dole
Holding Co LLC to 'B-' from 'B' citing fourth-quarter operating results and
credit measures that were below its previous expectations.
The ratings agency also cited concerns over refinancing risk over the next
year.
The outlook on Dole Foods, the world's largest producer of fresh fruit,
fresh vegetables and fresh-cut flowers is negative to reflecct its highly
leveraged financial profile and participation in the competitive,
commodity-oriented, and volatile fresh produce industry, S&P said.
S&P also lowered Dole's unsecured debt issues to 'CCC+' from 'B-' and on
senior secured term loans to 'B+' from 'BB-'.
TFN.newsdesk@thomson.com
sim/ssa
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