...+ Del Monte Foods Inc.'s asset-backed (ABL) facility borrowings were higher than we had previously anticipated. Also, we believe it will take the company longer to improve its EBITDA to historical levels. These factors will likely lead to leverage above 7x, which is below our previous expectations. + We are lowering our corporate credit rating on Del Monte to 'B-' from 'B'. We are also lowering our ratings on the company's first-lien term loan to 'B-' from 'B' and the second-lien term loan to '###' from '###+'. The recovery ratings remain unchanged. + The negative outlook reflects the probability that we will lower the rating within the next six months if the company's operating performance is weaker than our current expectations in the second half of its fiscal year, leading to leverage being sustained over 9x. NEW YORK (Standard & Poor's) Nov. 25, 2015--Standard & Poor's Ratings Services today lowered its corporate credit rating on Walnut Creek, Calif.-based Del Monte Foods Inc. to 'B-'...
