Moody's: Chiquita liquidity SGL-3

Moody's Investors Service said it affirmed all ratings of Chiquita Brands International Inc., including its B2 corporate family rating and probability of default rating.

Concurrently, Moody's said it assigned a speculative grade liquidity rating of SGL-3, reflecting an expectation for weak cash flows and revolver reliance over the next twelve months.

Further, the negative outlook has been reiterated to reflect Chiquita's high financial leverage and near term operating challenges.

The agency said the negative outlook recognizes Moody's expectation that headwinds, such as Euro exchange rates and lower retail volumes in salads, will weigh on operations throughout 2012 resulting in the weakening of Chiquita's leverage and liquidity profiles.

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