S&P: Dole Foods outlook developing

Standard & Poor's said it revised its outlook on Dole Foods Co. Inc. to developing from stable.

The agency said it affirmed the existing ratings on the company, including the B- corporate credit rating.

"The outlook revision reflects its concerns regarding the company's and affiliate's near-term refinancing needs," said credit analyst Alison Sullivan.

According to the agency, Dole plans to repay its upcoming maturity of $383 million notes due June 15, 2010, with a new secured note offering in the third quarter of 2009, which it believes would alleviate some of its near-term liquidity concerns.

However, Dole recently disclosed that an affiliate of the majority stockholder of Dole's parent entered into a loan agreement that matures on Dec. 23, the agency noted.

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