U.S.-based Del Monte Foods Inc. has restructured its debt and entered into a new super-priority first-out term loan that will have first-out lien priority against all assets securing the company's existing term loan. The company also transferred collateral securing its existing term loan to a new wholly-owned subsidiary to secure the new term loan. We believe the proposed transaction results in the existing term loan having a subordinated position relative to assets securing the company's new first-out term loan. Therefore, we lowered our issuer credit rating on Del Monte to 'SD' (selective default) from 'CCC-' and our issue-level rating on its first-lien term loan to 'D' from 'CCC-'. The super-priority, first-out tranche will comprise $240 million of new capital provided
