S&P raises Chiquita

Standard & Poor's said it said that it raised its senior unsecured debt ratings on Chiquita Brands International Inc. to B-, same as the corporate credit rating, from CCC+ and the recovery rating to 4 from five indicating the expectation of average recovery in the event of payment default.

The upgrades are principally the result of about $91 million of redemptions the company has made since June, the agency noted.

At the same time, the agency said it affirmed the B- corporate credit rating and B+ senior secured ratings.

The outlook is stable.

S&P said that the ratings on Chiquita reflect the company's high debt leverage, volatile operating performance, and its product concentration in bananas and packaged salad.

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