S&P's Fresh Del Monte ratings unaffected

Standard & Poor's said there will be no effect on Fresh Del Monte Produce Inc.'s (BB/stable) ratings or outlook following its announcement that its board of directors has authorized a three-year share repurchase program of up to $300 million of ordinary shares, which is expected to be funded primarily from the company's cash from operations and revolving credit facility.

The agency predicted that Fresh Del Monte will repurchase shares at a measured pace to maintain a satisfactory financial policy. Credit measures are strong with debt to EBITDA below 2x, and S&P said it expects Fresh Del Monte to maintain credit protection measures stronger than the current rating to compensate for commodity volatilities in its business.

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