This report does not constitute a rating action. PFI (dba Peterson Farms) continues to navigate a difficult operating landscape, though its credit metrics remain in line with S&P Global Ratings'rating expectations. The company's leadership positions in fresh-cut apples, juice, applesauce, and frozen fruit support its customer retention and pricing flexibility, while its diversified exposure across foodservice, retail, and ingredients helps mitigate the current market volatility. Peterson Farms’ revenue for the first half of the year was roughly flat compared with the prior year period on a pro forma basis. We expect the company's pro forma revenue will contract by the low- to mid-single-digit percent range year over year on a combined basis due to supply constraints that we do
