U.S.–based Del Monte Foods Inc.'s (DMFI) $710 million first-lien term loan will become current on Feb. 18, 2020. The company's $442.5 million asset-based lending (ABL) facility became current in November 2019. DMFI's parent, Del Monte Pacific Ltd. (DMPL), announced in late 2019 that it planned to refinance the company's capital structure. We are placing all of our ratings on DMFI, including our 'CCC+' issuer credit rating, on CreditWatch with negative implications to reflect the increased uncertainty around the company's ability to refinance its capital structure due to the length of time that has passed since its parent's announcement. The CreditWatch also reflects that the majority of the company's capital structure will soon become current. The CreditWatch placement indicates that we
