...January 30, 2023 NEW YORK (S&P Global Ratings) Jan. 30, 2023--S&P Global Ratings today affirmed its 'B'' issue-level rating on Del Monte Foods Inc.'s senior secured term loan. The company launched a proposed $100 million add-on to its existing $600 million term loan B due 2029. We expect the add-on to be fungible with the existing facility. As a result of the debt increase, we revised the recovery rating to '4' from '3', indicating our expectation for average (30%-50%; rounded estimate: 45%) recovery for lenders in the event of a payment default. The company intends to use the proceeds from the transaction to repay a portion of the outstanding borrowings on its asset-based loan (ABL) facility that it used to fund the Kitchen Basics acquisition in October 2022. All of our other ratings on Del Monte, including our 'B' issuer credit rating on the company, are unaffected by this transaction. The outlook is positive. During the first half of fiscal 2023 ended Oct. 30, 2022, Del Monte's revenues...
