Fitch boosts Dole Food

Fitch Ratings said it has taken the following rating actions on the debt of Dole Food Co., Inc. and its subsidiary Solvest Ltd.:

• Fitch has upgraded Dole's long-term issuer default rating to CCC from CC; secured asset-based revolver to B+/RR1 from B/RR1; and secured term loan B to B+/RR1 from B/RR1; as well as Solvest's long-term issuer default rating to CCC from CC; and secured term loan C toB+/RR1 from B/RR1;

• Fitch assigned Dole Food's third-lien secured notes a CCC/RR4 rating; and

• The agency has affirmed Dole's senior unsecured debt rating and revised the recovery rating down on Dole Food's senior unsecured debt to C/RR6 from C/RR5.

The outlook is negative.

These rating actions affect Dole's about $2.2 billion in consolidated debt at the year ended Jan. 3, the agency said, adding that the upgrade is due to Dole's ability to refinance its $345 million 8 5/8% senior notes due May 1, 2009 with the issuance of $350 million 13 7/8% privately-placed five-year notes due March 15, 2014.

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