S&P: Dole Food on negative watch

Standard & Poor's said it placed its ratings, including its B long-term corporate credit rating, on Dole Food Co., Inc. on CreditWatch with negative implications.

S&P said it estimates that Dole had about $1.6 billion in reported debt outstanding as of March 23, prior to the divestiture of its worldwide packaged foods and Asian fresh produce businesses.

Following the completion of this divestiture and the associated refinancing transactions, the agency said it estimates the company had less than $900 million in reported outstanding debt.

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