Fitch upgrades Dole

Fitch Ratings said it upgraded the Dole Food Co., Inc.'s long-term issuer default rating to B from B-, secured asset-based revolver to BB/RR1 from BB-/RR1, secured term loan B to BB/RR1 from BB-/RR1, third-lien secured notes to B+/RR3 from B-/RR4 and senior unsecured debt to CCC/RR6 from CC/RR6.

The agency upgraded subsidiary Solvest Ltd.'s long-term issuer default rating to B from B- and secured term loan C to BB/RR1 from BB-/RR1.

Fitch said the upgrades reflect the significant level of debt reduction following Dole's Oct. 22 initial public offering, the elimination of near-term refinancing risk and continued improvement in the company's cash flow.

For the 12 months ended Oct. 10, total debt-to-operating EBITDA ratio was about 4.1 times.

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