S&P rates Del Monte notes CCC+

S&P said it assigned a CCC+ and a 3 recovery rating to Del Monte Foods Inc.’s proposed $500 million of senior secured notes.

Del Monte also is seeking a $450 million asset-based lending facility, which won’t be rated.

The company will use the proceeds to refinance its capital structure.

S&P said it placed Del Monte’s issuer rating on CreditWatch with positive implications.

“The rating actions reflect uncertainty around the successful completion of the proposed transaction at reasonable terms. The CreditWatch placement reflects our view that if the proposed transaction is completed with reasonable terms, we would likely raise our issuer credit rating by one notch to CCC+ from CCC,” said S&P in a press release.

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