Del Monte Foods Inc. 'B' Corporate Credit Rating Affirmed, Outlook Negative; Debt Ratings Also Affirmed

Del Monte Foods Inc. (DMFI) fiscal year ended April 2015 operating results were slightly weaker than our prior expectations. However, we expect profitability to improve and leverage to decline in fiscal 2016. We are affirming all of our ratings on DMFI, including our 'B' corporate credit rating. The negative outlook on DMFI reflects the probability that we could lower the rating within the next six months if the company's operating performance continues to be pressured and it does not modestly reduce leverage. SAN FRANCISCO (Standard&Poor's) Aug. 13, 2015--Standard&Poor's Ratings Services today affirmed its 'B' corporate credit rating on Walnut Creek, Calif.-based Del Monte Foods Inc. At the same time, we affirmed our 'B' issue-level rating on

...+ Del Monte Foods Inc. (DMFI) fiscal year ended April 2015 operating results were slightly weaker than our prior expectations. However, we expect profitability to improve and leverage to decline in fiscal 2016. + We are affirming all of our ratings on DMFI, including our 'B' corporate credit rating. + The negative outlook on DMFI reflects the probability that we could lower the rating within the next six months if the company's operating performance continues to be pressured and it does not modestly reduce leverage. SAN FRANCISCO (Standard & Poor's) Aug. 13, 2015--Standard & Poor's Ratings Services today affirmed its 'B' corporate credit rating on Walnut Creek, Calif.-based Del Monte Foods Inc. At the same time, we affirmed our 'B' issue-level rating on the company's first-lien term loan and the '###+' issue-level rating on the company's second-lien term loan. The outlook remains negative. The recovery ratings on the term loans remain unchanged. The '3' recovery rating on the first-lien...

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