Moody's affirms Chiquita

Moody's Investors Service said it affirmed the ratings of Chiquita Brands International, Inc., including its B3 corporate family rating and B3 probability of default rating, following the company's announcement that it is reviewing its capital structure.

The outlook remains negative.

Affirmed ratings include the company's $250 million 7.5% senior unsecured notes due 2014 at Caa2 (LGD5, 89%) and $225 million 8.875% senior unsecured notes due 2015 at Caa2 (LGD5, 89%) as well as Chiquita Brands, LLC's $200 million senior secured revolving credit agreement at B1(LGD2,26%) and senior secured term loan C at B1(LGD2,26%).

The agency noted that Chiquita's B3 corporate family rating incorporates the company's weak credit metrics and challenged operating performance.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.